CRS Update

It is time to send your notification letters

The CRS reporting is fast approaching, being due by June 30, 2017 (on financial year 2016). Financial Institutions should be ready to comply with the related requirements in this respect, more specifically, their data protection obligations.

In accordance to the law of 2 August 2002, on the protection of persons with regard to the processing of personal data and the Luxembourg National Commission for Data Protection (“CNPD”) requirements:

- All entities that are reporting Financial Institutions are responsible of the treatment of personal data collected and, thus, need to inform the CNPD on, among others:

  • The security safeguards as to personal data held;
  • The moments on which protected persons are informed;
  • How the information, access and rectification rights can be exercised.

- Any individual whether it is a “direct” holder of a debt or equity interest or a controlling person needs to be notified as from the moment the data is collected and prior to being reported.

 

On May 24, 2017, the Luxembourg Tax Authorities (LTA) have published a newsletter regarding the Common Reporting Standard (CRS) reporting.

 

 Source: Deloitte Tax & Consulting -  Alerts 

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