Important notice

The Common Reporting Standard (CRS) is a new information-gathering and reporting requirement for financial institutions in participating countries, to help fight against tax evasion and protect the integrity of tax systems.

The CRS seeks to establish the tax residency of customers. Under the CRS, financial institutions are required to identify customers who appear to be tax resident outside of the country where they hold their accounts and products and report certain information to our local tax authority. They may then share that information with the tax authority where you are a tax resident.

Under the CRS, tax authorities require financial institutions such as FWD Takaful Berhad to collect and report certain information relating to their customers’ tax statuses.

If you participate in a new takaful certificate (on boarding stage), or change your circumstances in some way, we will ask you to certify a number of details about yourself. This process is called “self-certification” and we are required to collect this information under the CRS.

All financial institutions – that includes banks, insurers and asset management businesses – in participating countries are required to be compliant with the CRS.

In line with the Inland Revenue Board of Malaysia, we will be asking for your “self-certification” which will be provided by FWD Takaful Berhad.

This will depend on where you live and your circumstances. Please contact a professional tax advisor or check the OECD website for more information on how to determine your tax residency, as FWD Takaful Berhad cannot give tax advice.

Even if you have already provided information under the United States government’s FATCA, you may still need to provide additional information for the CRS as there are different regulations with different requirements.

FATCA is US Law and requires financial institutions to identify US Persons and report in line with local FATCA regulations, based on citizenship. The CRS requires financial institutions to identify the tax residency of all our customers and in most cases report information on customers who are tax residents outside of the country where they hold their account.

Once we have a valid self-certification on file, you will only be asked to complete another when you update certain information on your account or we believe your reportable status may have changed.

FWD Takaful Berhad is required to report your tax details under the legal obligations introduced by countries participating in the CRS. As of 15 January 2019, there are 64 reporting jurisdictions participating in CRS. Do refer to the attachment for more details on the CRS List of Participating Jurisdiction established by the Inland Revenue Board of Malaysia.

FWD Takaful Berhad will respect your data privacy. We will only disclose your information to the relevant tax authorities if we are required to do so.