CRS is a global standard that applies in all EU member states according to EU Council Directive 2014/107/EU (Directive of Administrative Cooperation 2 – DAC2) as well as in member-countries of the OECD that have signed the multilateral agreement on automatic exchange of financial account information – currently more than 90 states. The aim of this regulation is to promote transparency, prevent tax evasion and money laundering and enhance cooperation between international tax authorities.