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In 2014, the OECD agreed the principles of Automatic Exchange of Information for financial accounts, under the Common Reporting Standard. In order to implement these rules with the EU, the DAC was amended by Directive 2014/107 [4] to include the exchange of information on financial accounts. This change required banks, asset managers and ...
The Common Reporting Standard (CRS) is an information standard for the Automatic Exchange Of Information (AEOI) regarding financial accounts on a global level, between tax authorities, which the Organisation for Economic Co-operation and Development (OECD) developed in 2014. Its purpose is to combat tax evasion.
Automatic Exchange of Information between countries is comparatively new, starting with the EU's Savings Directive.. In 2010, the United States implemented the Foreign Account Tax Compliance Act provisions as part of the Hiring Incentives to Restore Employment Act, which required banks and other financial institutions to report on accounts held by US citizens anywhere in the world.
By November 2015, more than 90 members have committed to go beyond Exchange of Information on Request and to implement Automatic Exchange of Information. An international framework agreement, the Common Reporting Standard Multilateral Competent Authority Agreement (CRS MCAA), specifies the details of what information will be exchanged and when.
The Revised Payment Services Directive (PSD2, Directive (EU) 2015/2366, [1] which replaced the Payment Services Directive (PSD), Directive 2007/64/EC [2]) is an EU Directive, administered by the European Commission (Directorate General Internal Market) to regulate payment services and payment service providers throughout the European Union (EU) and European Economic Area (EEA).
A payment service provider (PSP) is a third-party company that allows businesses to accept electronic payments, such as credit card and debit card payments. PSPs act as intermediaries between those who make payments, i.e. consumers, and those who accept them, i.e. retailers. [1]
Around 350 HMRC employees are involved with Connect, who work with an analytical compliance environment. [1] Connect was developed by BAE Systems Applied Intelligence (former Detica in Surrey) for £45m. [2] [3] From September 2016, Connect has interfaced with financial information from British Overseas Territories; these have been known tax ...
Strong customer authentication (SCA) is a requirement of the EU Revised Directive on Payment Services (PSD2) on payment service providers within the European Economic Area. The requirement ensures that electronic payments are performed with multi-factor authentication , to increase the security of electronic payments. [ 1 ]