In a worldwide effort to protect the integrity of tax systems and combat tax evasion, the more than 105 signatories to the Common Reporting Standard (CRS) regime require financial institutions (FI) with deposit taking, wealth management, and custody footprints to gather and report information regarding account holders.
AxiomSL’s data- driven, automated, scalable solution on ControllerView empowers FIs to meet their CRS compliance requirements and manage FATCA reporting on a single platform.
Powered by TaxView, AxiomSL’s extensible data dictionary methodology, the solution’s eligibility engine enables FIs to map volumes of diverse source data from across silos to CRS filtration and classification specifications.
Deployable on-premises or via AxiomSL’s secure RegCloud, the solution’s inherent data and process transparency and dashboard accessibility enable FIs to monitor, analyze, validate, and sign-off on submissions that accommodate each jurisdiction’s requirements.
AxiomSL’s continual surveillance, interpretation and updates of worldwide regulatory changes enables FIs to comply with confidence across a complex, nuanced CRS and FATCA landscape
Detailed audit-trail functionality dynamically tracks changes to metadata, dictionaries, and documentation for business process management efficiency and audit defense
Pervasive transparency enables users to see logic applied while system flexibility allows FIs to integrate their own logic, configuration and rule definitions for specific jurisdictions giving FIs control and internal business clarity
Flexible, comprehensive end-to-end single framework for CRS and FATCA compliance enables FIs to meet complex reporting requirements with data consistency while reducing total cost of ownership (TCO) and strengthening auditability
Transparent, data-dictionary-powered data management approach provides FIs a solid foundation to steadily whittle down undocumented accounts, improve data quality, and derive business intelligence from having access to customer account data on a single platform
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