Once a country adopts the CRS, financial institutions are subject to keep up with a set of due diligence procedures to identify reportable accounts; report the aforementioned reportable accounts, and any related and relevant financial information. To accomplish this, most companies will need to establish a new set of client onboarding procedures and review existing accounts.

More Information Available Through the OECD Library

Depository institutions, custodial institutions, investment entities, brokers, and specified insurance companies within the 47 countries which have adopted the CRS as of 2016. Countries which signaled intent to adopt the CRS by endorsing the 2014 Declaration on Automatic Exchange of Tax Information include all 34 OECD member countries as well as Argentina, Brazil, China, Columbia, Costa Rica, India, Indonesia, Latvia, Lithuania, Malaysia, Saudi Arabia, Singapore and South Africa.

Full list of Non-Participating Jurisdictions

https://en.wikipedia.org/wiki/Common_Reporting_Standard