Does CRS reporting only relate to new accounts?

No. CRS reporting applies to both new and pre-existing accounts.

• New account – RFIs must collect self – certification at account opening and apply full due diligence.
• Pre-existing accounts – RFIs must review accounts opened before the CRS start date using specific thresholds and procedures

Both types of accounts are subject to annual reporting if they are held by persons or entities who are tax resident in other jurisdictions.