Are You Ready for CRS 2.0?
The Common Reporting Standard (CRS) is entering a new era. Starting January 2026, financial institutions, family offices, compliance teams, and legal advisors will face the most significant update since CRS was first introduced.
In October 2024, the OECD released the CRS XML Schema V3.0 alongside an updated user guide. By 1 January 2027, most jurisdictions will require reporting under this new format, covering information collected during the 2026 reporting year.
Regulators will expect tighter alignment between policies, reporting data, and supporting systems. Those who prepare early will avoid costly errors and last‑minute scrambles.
The main compliance risks that could be expensive…
Validation errors: XML files fail due to missing or outdated data.
Mismatched classifications: Entity and person details don’t align with tax records.
Incomplete documentation: Self‑certifications and residency evidence are missing or outdated.
Fragmented data: Manual entry across multiple systems increases risk of inconsistency.
How to prep for the new format in Q1 2026
Reconcile frameworks: Align CRS 2.0, FATCA, and AML policies for consistent definitions.
Validate data models: Map reporting templates to CRS XML Schema V3.0 and test for completeness.
Update documentation: Refresh self‑certifications and residency attestations across jurisdictions.
Train teams: Ensure compliance, IT, legal, and operations apply consistent classification and error‑resolution standards.
Document governance: Maintain version control, testing records, and remediation logs for audit purposes.
How to future-proof your compliance
At Continuum, we make this transition traceable, transparent, and pain‑free. With full ownership and visibility, our solutions ensure you’re prepared well ahead of deadlines
Let’s not leave our homework until the night before. Book your free 30‑minute discovery call today, and let us handle the rest.