CRS explained 01 May 2020

You might have been contacted by your bank to fill in a form enquiring about your CRS status. In simple terms, CRS stands for Common Reporting Standard. New Zealand is a member of the international Organisation for Economic Cooperation and Development (OECD), which, among other things, aims to minimise money laundering. Its members use this standard. If you read the form carefully, you are likely to find you are either an active non-financial entity or a passive non-financial entity.

A typical active non-financial entity might be the company you use to run your business. This is because it is actively trading. You might be a passive non-financial entity if you are not undertaking any business enterprise other than through your company.

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