FATCA is based on the criterion of US nationality (citizenship-based taxation), while CRS is based exclusively on tax residence. This distinction is crucial for identifying reportable accounts under each regulatory framework.

Article 1741 of the CGI punishes aggravated tax fraud with a fine of up to 3 million euros and seven years' imprisonment. This penalty applies when violations are particularly serious.

Under Article 1736 IV of the CGI, if an undeclared account is located in a state without an administrative assistance agreement, the fine can reach 10,000 euros per account per year of omission. This amount is higher than for states with an agreement.

Under decree no. 2025-149 of 17 February 2025, the deadline for submitting CRS reports has been brought forward to 15 July each year. This obligation is transposed into French law by Article 1649 AC of the Code général des impôts and decree no. 2016-1683 of 5 December 2016.

The DAC8 Directive, which is part of the successive amendments to the European DAC Directive, introduces obligations for crypto-asset platforms from January 2026. This provision is mentioned in the context of recent developments in AEOI regulation.

Article 1736 I-5 of the CGI provides for a fine of 200 euros per omitted account for a late CRS report filing. This penalty also applies to defaulting account holders under Article 1729 C bis.

Financial institutions must retain documents relating to AEOI procedures for five years, in accordance with due diligence obligations. This retention period is essential for ensuring traceability and compliance.

The three regulatory frameworks for AEOI are distinct: CRS/OECD, US FATCA, and the European DAC Directive. Each framework has its own obligations and procedures.