Common Reporting Standard

Common Reporting Standard

On this page we will explain more about the Common Reporting Standard (hereafter ‘CRS’) and how it may impact you.

What is CRS?

The Common Reporting Standard (CRS) is a new information-gathering and reporting requirement for financial institutions in participating countries or jurisdictions (such as Hong Kong). It is intended to further strengthen international efforts to increase transparency and cooperation by tax authorities.

The CRS is a regulation developed by the Organisation for Economic Co-operation and Development (‘OECD’) to help fight against tax evasion. The CRS aims for fiscal transparency that will lead to Automatic Exchange of Information (‘AEOI’) between jurisdictions who have adopted the CRS. More information on AEOI can be found in the video below, which has been created by the OECD.

Hong Kong as a participating jurisdiction has agreed to incorporate the CRS regulation into its local legislation. Under the CRS, it is mandatory for financial institutions located in a CRS participating jurisdiction to pass on information about certain financial accounts and policies held by tax residents from CRS participating jurisdiction.

This means that we are required to obtain information related to our customer’s tax residency and tax identification number(s). This applies to both natural persons and legal entities.

If you have any specific questions regarding your tax residency, please contact a professional tax adviser.

How is CRS affecting new AXA Hong Kong customers?

Existing Customer

New Customer


Overview of CRS and AEOI

The effect of implementation on the user


Overview of CRS and AEOI

1. What is the Common Reporting Standard (CRS)?

2. What is the Automatic Exchange of Information?

3. Which countries are participating in the CRS?

4. Are all insurers doing this?

5. Where can I find more information?