The Common Reporting Standard (here and after: CRS), referred to as the Standard for Automatic Exchange of Financial Account Information (AEOI), developed by the Organisation for Economic Cooperation and Development (OECD), calls on countries to obtain information from their financial institutions and automatically exchange that information with other countries on an annual basis. The CRS sets out the financial account information to be exchanged, the financial institutions required to report, the different types of accounts and taxpayers covered, as well as common due diligence procedures to be followed by financial institutions.
Reference: http://www.oecd.org/tax/automatic-exchange/common-reporting-standard/