In Singapore, the Income Tax Regulations of 2016 (dated 8 December 2016) incorporated the obligations of the common reporting standard (CRS) into the Singaporean domestic legislative framework and direct financial institutions to put in place the necessary processes and systems to collect financial account information from 1 January 2017. The Inland Revenue Authority also published a “frequently asked questions” (FAQ) document for providing guidance on the implementation of CRS in Singapore, clarifying certain aspects for financial institutions related to financial and reportable accounts, due diligence procedures, and the reporting and registration requirements.