Common Reporting Standard (CRS)

Provides a flexible framework for FATCA and CRS enabling FIs to comply with data consistency while reducing TCO and strengthening auditability

Overview


Device Frame
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?

Solution

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

Device Frame

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.

AxiomSL's FATCA and CRS Soution

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CRS and FATCA

Benefits

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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