CRS and the 250kUSD limit

[lopezzz]

Hi guys

We can read :
Unless election is made by a reporting financial institution, a pre-existing entity account with an aggregate account balance or value that does not exceed USD$250,000 as at 31 December of each year or the last day of other appropriate reporting period is not required to be reviewed, identified, or reported

What is your opinion about the fact that bank can chose to report everybody ? Once they have all the IT about CRS, it should not be expensive to report everybody and avoid them problems, isn't it ?
My company is in Hong Kong and I'm not sure of the behavior of my bank

thanks

 

[negon]

Well, it's nothing new is it? we have known for the last few years that they will go and do it and some already do. I believe that's something everyone will have to deal with from now on and make some precautions.!!

 

[lopezzz]

My issue is more : do they have an interest in reporting all clients ? Or is there a cost to report a client with less than 250k USD and banks will not do it now. (or don't want to do it)

 

[mnschwarz]

My issue is more : do they have an interest in reporting all clients ? Or is there a cost to report a client with less than 250k USD and banks will not do it now. (or don't want to do it)

Each bank is applying their own policies within the CRS guidelines. From what I have seen so far, a lot are leaning towards over reporting rather than doing the bare minimum.