FATCA/CRS allows tax authorities to have better understanding of financial assets held by their residents and help fight against tax evasion.
CRS was developed by Organisation for Economic Co-operation and Development (OECD) and requires participating jurisdictions to obtain information from their financial institutions and automatically exchange that information with other jurisdictions on an annual basis. For more details on CRS, visit the OECD website.
FATCA is a United States legislation that requires foreign financial institutions to obtain information about the foreign financial assets held by U.S. persons. For more details on FATCA, visit the IRS website.