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.
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