Existing rules, which apply to banks, asset managers and some insurance companies, require reporting on clients which are resident outside of the jurisdiction of the financial institution.
FATCA and the CRS forms the basis of the next wave of AEOI; many financial institutions will be in scope of new rules as well as existing rules.
In parallel, the Organisation for Economic Co-operation and Development (OECD) is encouraging tax authorities to step up the level of compliance checking, with particular focus on accounts missing taxpayer identification numbers and institutions currently not reporting accounts.