MULTIPLE JURISDICTIONS AND INTERPRETATIONS
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.
CHALLENGES
- FIs’ CRS reporting obligations are in addition to their FATCA compliance requirements under Inter-Governmental Agreements (IGA)
- FIs must perform enhanced customer due diligence and precise customer account classification
- Because CRS allows nuanced interpretation by jurisdictions, FIs must continually surveil and interpret regulatory changes across multiple jurisdictions
Questions to Consider
- Do we have enough resources to quickly identify, interpret and incorporate new regulation requirements across our CRS reporting landscape?
- Have we eliminated our reliance upon spreadsheets and manual processes to collect and handle required data?
- Do our CRS processes enable us to confidently report on large volumes of data while meeting exacting, jurisdiction-specific requirements?
- Are we able to accurately validate customer account data from various divisions?
- Do our current know-your-client (KYC) and know-your-account (KYA) methodologies enable us to classify accounts accurately?
- Does our data management and reporting approach adequately protect personally identifiable information (PII)?
- Are we prepared to address regulatory requirements to clean up undocumented accounts?
- How concerned are we about tax implications of wrong classifications?
END-TO-END CRS AND FATCA SOLUTION
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.
CAPABILITIES
- Enables centralized vs. branch reporting and unified submissions
- Enables precise data drill-down transparency and lineage
- Deploys on-premises or via AxiomSL’s secure RegCloud
- Delivers granular exception management functionality
- Performs comprehensive validation checks
- Handles tax-authority feedback and voluntary resubmission via a comprehensive refilling/correction capability
- Classifies accounts and identifies eligibility leveraging the TaxView data dictionary
- Provides user-friendly business process, summary and sign-off dashboards
- Generates XML reports per each reporting jurisdiction’s requirements
A Single Ecosystem for CRS and FATCA Tax Reporting
Leverage an integrated solution addresses both CRS and FATCA requirements in the areas of client classification and reporting.
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