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The Common Reporting Standard (CRS) (hereinafter referred to as "the Standard") was developed by the Organisation for Economic Co-operation and Development (OECD) to promote tax transparency and combat tax evasion. According to the Standard, tax authorities of the participating countries are required to exchange information annually on financial accounts held by non-residents in financial institutions.

For this purpose, financial institutions are required to provide local tax authorities with information on their clients’ tax residency, account balances, and other data as defined by the Standard.

The Republic of Armenia, as a member of the OECD, has joined the Standard in accordance with Chapter 80.2 of the Tax Code (available at: https://www.arlis.am/hy/acts/208892), as well as international agreements forming the legal basis of the Standard, specifically, the "Convention on Mutual Administrative Assistance in Tax Matters" and the "Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information" (available at: https://www.src.am/am/getMenusContents/257), which also define the list of countries with which Armenia is obliged to exchange such information.

In accordance with amendments to the Tax Code, “Fast Bank” CJSC (hereinafter referred to as “the Bank”) is required to collect and submit the information defined by the Standard to the State Revenue Committee (SRC).

Customers are required to provide the Bank with accurate and reliable information about their tax residency and must inform the Bank of any changes to their tax status.

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