Modeled after the Foreign Account Tax Compliance Act (FATCA) – the U.S.’s information reporting regime for U.S. holders of foreign accounts – the Organisation for Economic Co-Operation and Development (OECD) approved the Common Reporting Standard (CRS) for the automatic reporting of information with input from G-20 leaders as a legal framework to combat the use of foreign bank accounts to evade taxes. The CRS rules require participant jurisdictions to annually collect and exchange information on accountholders from certain financial institutions.