At the end of October 2014, the UK and 50 other countries from the Organisation for Economic Co-operation and Development (OECD) signed up to the Common Reporting Standard (CRS).
The standard incorporates the OECD's work undertaken on the Automatic Exchange of Information (AEoI). Early adopters who signed the agreement have pledged to work towards launching their first information exchanges by September 2017, with others expected to follow in 2018.
Complexity arises in the cross-border identification, classification and reporting of customer accounts. Not only does a financial institution need to be able to identify the tax residence of each and every one of its customers, it has to be have the ability to report the necessary information to the relevant tax authority.
CRS has arrived at a time when financial institutions already face a range of significant economic and regulatory challenges, testing many financial institutions capability and capacity to deliver.
Using AutoRek to "Unlock" CRS
Our paper - Unlocking CRS and FATCA: Why Technology is the Key to Compliance – covers the key areas where specialist data management technology (AutoRek) can be applied to help perfect a financial institution's regulatory and compliance control regimes for both CRS and FATCA.
Download our Whitepaper or Schedule a Demo.