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The Foreign Account Tax Compliance Act (FATCA) requires foreign financial institutions to report U.S. account holders with foreign assets, and comply with the Intergovernmental Agreements (IGA) or register with the U.S. tax authority (IRS) directly. To further reduce global tax evasion, the Automatic Exchange of Information (AEOI) was implemented, which provides non-resident financial account information to tax authorities in the account holder’s country of residence. The AEOI regime from the Organization for Economic Cooperation and Development (OECD) consists of two components: the Common Reporting Standard (CRS), which contains the reporting and due diligence rules for institutions of participating jurisdictions, and the Model Competent Authority Agreement (Model CAA), which provides the legal basis for exchanging information among the authorities.