CRS classification begins with the entity, not the account: you first decide whether a person is a Financial Institution or a Non-Financial Entity, and only then which of its accounts are reportable. The Common Reporting Standard is the OECD’s standard for the automatic exchange of financial account information, brought into UAE law by Cabinet Resolution No. 93 of 2021 and Ministerial Resolution No. 134 of 2021. An error at the first step invalidates everything that follows: a wrong entity status produces either unfiled reports or reports on accounts that never had to be reported at all.