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The Common Reporting Standard (CRS) was developed by the Organization for Economic Co-operation and Development (OECD) with the aim of improving global cross border tax compliance. The Republic of Cyprus, following a Council of Ministers decision dated 22 October 2014, signed the Multilateral Competent Authority Agreement for the automatic exchange of financial account information on 29 October 2014.
As a result, Financial Institutions located in Cyprus (which is amongst the early adopter jurisdictions) are required, as of 1 January 2016, to collect and review tax related information in order to identify the tax residency(ies) and taxpayer identification number(s) of their account holders.
For more information on the OECD Common Reporting Standard, please visit the website of the Cyprus Tax Department as well as the relevant announcement of the Association of Cyprus Banks

The Common Reporting Standard and its implementation in Cyprus