IS YOUR FINANCIAL INSTITUTION CRS COMPLIANT READY?
The Common Reporting Standard (CRS) goes significantly beyond FATCA’s remit to ensure global-wide tax compliance. While some similarities overlap between FATCA and CRS, there will be a significant increase in client remediation, customer due diligence and reporting obligations under CRS.
This has augmented the challenges faced by Financial Institutions who are already grappling with multiple reporting regulations. Cross-border identification, classification, and reporting of customer accounts has added further complexities to how organizations keep and classify clients. Not only do FIs have to track the tax residence of each and every customer, but also should be able to report the necessary information in a specified format.
Newgen solution Automatic Exchange of Information System is a unified platform that helps Financial Institutions comply with the CRS and FATCA reporting requirements. The solution is built on configurable Enterprise Content Management (ECM) and Business Process Management (BPM) platforms that allow organizations to respond to changes faster and without disrupting business as usual.
Hansuke Consulting is a specialist tax consultancy working within the financial services sector. They have successfully implemented over 50 FATCA and CRS implementation projects across Europe and the Middle East. Hansuke leverages its knowledge of businesses to help financial institutions navigate the complex landscape of tax and compliance. Our AEoI practice works under the direction of Mr. Chris Orchard, who was the Policy Lead at the HMRC on CRS implementation. Chris also chaired OECD’s working committee on the implementation of Automatic Exchange of Information (AEoI).
Newgen and Hansuke provide a solution for CRS compliance that streamlines end-to-end reporting requirements associated with this global regulation – From Initiation and Classification to Remediation and Decisioning.
View recording of this webinar to learn more about how technology can help you deal with CRS compliance. This session features our domain experts:
- Chris Orchard (ex-HMRC policy lead for CRS)
- Ali Kazimi, CEO, Hansuke Consulting
- Shikhar Gupta, Head of the Compliance “Centre of Excellence”, Newgen Software Technologies
- How CRS goes beyond FATCA
- How technology will play a key role in enabling FIs to comply with CRS
- How to prepare your FI for CRS compliance without business interruption
- How to automate CRS compliance & filing process