Product Overview

CRS and FATCA Process Management

Avaloq has developed a standard solution in connection with FATCA and CRS/AIA and made it available to our customer banks. With our add-on product, we build on these existing solutions and further exploit their powerful possibilities. We have thus combined the two solutions as far as possible and in a sensible manner and combined the resulting processes.
Banks that are subject to CRS/AIA or FATCA are obliged to monitor and verify their customer master data. This results in the following processes in particular:

  1. New client opening  
    Collection of missing documents and monitoring of onboarding deadlines. 
     
  2. Change in circumstances 
    Various processes to deal with new indications (Change-in-Circumstances) according to the regulations of CRS/AIA and/or FATCA.
     
  3. Annual KYC 
    Guided process for the annual client advisor survey with clear overview of all high-value clients.
     
  4. Missing self-declaration /TIN
    Annual process to obtain missing self-declaration and TINs.

For all these processes, Confinale AG has developed a semi-automated solution based on the CRM issue that is fully integrated in Avaloq. The solution is already in use at numerous Avaloq banks and successfully supports our customers in coping with the complex requirements of CRS/AIA and FATCA.

The product also includes various reporting functionalities, such as: 

  1. reporting to the respective tax authorities, whereby country-specific reporting requirements are taken into account.  
  2. Customer letters informing affected customers about the report to the authorities (including details of the reported data).

With our product you are optimally prepared for the regulatory requirements in the field of CRS/AIA and FATCA!

Contact person:

Pascal Inauen
Manager

Contact now

Detailed information

Detailed information on the Common Reporting Standard can be found on the CRS-website of the OECD.