In order to strengthen the global tax cooperation, promote the automatic exchange of tax information between countries, crack down on the use of cross-border financial account for tax evasion, the Chinese government signed the In December 2015 and announced the action to join Common Reporting Standard (CRS) international cooperation projects. And in May 2017, the < Due Diligence Management Method on Non-resident Financial Account Related Tax Information> was jointly released by SAT, Ministry of Finance, PBOC, CBRC, CSRC, and this Method required financial institutions in China must bear CRS responsibilities, carry out the due diligence work for non-resident financial account related tax information, and submit this information to SAT. Since CRS is an international cooperation project and attached great importance by China government, financial institutions will face major regulatory pressure.

For this new regulatory policy, RIKING did enough in the early preparation. Through doing research and reference to foreign CRS system in advance and the combination of domestic policies, RIKING timely launched CRS reporting system confirming to the domestic regulatory requirements. The system can assist financial institutions to easily cope with the latest regulatory requirements and is highly malleable, which can be customized and developed according to the specific conditions of each financial institution.