In “Taking the Temperature ― A CRS Health-Check,” AxiomSL explores three areas that are central to CRS implementation success: the compliance program’s elements, the FI’s product set and the CRS solution’s capabilities. FIs interested in taking the temperature of their current compliance programs can focus their reviews on these three areas and incorporate the industry-leading implementation best-practices discussed herein.
AxiomSL gratefully acknowledges the contributions of Denise Lim, Partner, and Will Yong, Senior Manager of PwC Singapore’s Risk Assurance team. They generously shared their perspectives and experiences around CRS compliance in an informal conversation with the author. Incorporating their perspectives enabled Guo Jian to expand upon the complex challenges associated with CRS compliance that encompass tax treatment, accounting approaches, program management, data management, regulatory-reporting processes and technology.