The German Ministry of Finance on 3 March 2017, published official guidance (1 February 2017), on the application of the OECD’s Common Reporting Standard concerning the automatic exchange of information and application of the Germany-United States FATCA Model 1A Agreement.
The guidance provides financial institutions and their advisors with details of the reporting duties they need to fulfil in order to be compliant with the Common Reporting Standard and the FATCA agreement. Additionally, it explains the information clients are obliged to provide to financial institutions. The guidance replaces the previously issued guidance on the application of the FATCA agreement.
