The Luxembourg Parliament on 3 May 2023 passed a bill implementing Council Directive (EU) 2021/514 (DAC7) that affects the common reporting standard (CRS) for reporting financial institutions with respect to reportable account holders.
The implementation of DAC7 mandates reporting financial institutions to notify their individual account holders/investors subject to CRS reporting of all the information to be reported prior to the submission, thus imposing an annual notification requirement.
Source: KPMG
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