The Common Reporting Standard (CRS) and the Foreign Account Tax Compliance Act (FATCA) are both initiatives to enhance tax transparency and combat tax evasion. However, there are key differences between the two. FATCA is a U.S. law that requires foreign financial institutions to report information about financial accounts held by U.S. taxpayers to the U.S. Internal Revenue Service (IRS). Conversely, CRS is a global standard developed by the OECD and involves the automatic exchange of financial account information between participating countries. While FATCA is specific to the U.S., CRS has a broader scope and includes many more participating countries.