Meet both CRS and FATCA requirements
The laws on the cross-border exchange of tax data place high regulatory demands on banks. They have to set complex rules and processes in motion in order to transmit data to foreign tax authorities in the correct format. Both standards, the Common Reporting Standard (CRS), which is accepted by more than 100 states, and FATCA, the reporting regime of the US tax authorities, must be met by tax departments in a timely and compliant manner. In addition, banks subject to the CRS or FATCA are required to monitor and verify their customer data on an ongoing basis. Semi-automated and guided processes provide significant support in this respect.
Have you found a solution to this challenge?
We would be happy to support you in digitising your processes for automatic information exchange. You can rely on our combined Tax and Compliance expertise. Our solution is already in use at numerous Avaloq banks and successfully supports our customers in coping with the complex requirements of CRS or FATCA. We also offer solutions for FATCA group inquiries or 1042-S QI reporting.
Combined implementation of similar processes
Our solution is based on the two Avaloq standards for FATCA and CRS. We build on these existing solutions and further exploit their potential. Although the clarification and reporting processes differ depending on the regulations, they are similar, and a combined solution is worthwhile. The result is a partially automated solution that is fully integrated into Avaloq.
These processes are guided, pre-defined and provide support in dealing with the tasks and duties arising from both regulatory requirements.
New customer opening
Obtaining missing documents and monitoring onboarding deadlines.
Various processes for the clarification of new evidence in accordance with the regulations of CRS or FATCA.
Guided process for the annual relationship manager survey with a clear presentation of all high-value clients.
Self-disclosures & TIN
Annual process for obtaining missing self-disclosures and tax identification numbers (TIN).
Automatic reporting included
Our solution for the management of CRS and FATCA requirements also handles reporting:
- Reports for tax authorities: Country-specific reporting requirements are taken into account
- Customer correspondence: Affected customers are informed about the report to the authorities and its content