CRS stands for Common Reporting Standard and is the global standard for the exchange of financial account information. It is similar to FATCA in that it requires the sharing of account holder information between banks and its goal is to strengthen tax compliance.
However, it is different from FATCA because of the reciprocal nature of the Standard, whereas FATCA is a bilateral agreement extending between the US and each individual country with which it negotiated its agreement. All EU Member States are currently signed up to CRS (within the EU this is referred to as DAC 2).
It is important to note that being FATCA compliant does not mean you are also CRS compliant – ensuring that you are compliant with all necessary regulatory bodies begins with having an expert expat tax team, ideally with cross-border experience.