CRS & FATCA Compliance Solution
What is the Purpose of Common Reporting Standards (CRS) and FATCA?
Common Reporting Standards (CRS) and the Foreign Account Tax Compliance Act (FATCA) have impacted financial institutions (FIs) and the governing tax authorities around the world, along with companies involved in investing or trading.
To ensure effective compliance and risk management, these institutions are investing in ways to simplify the complex process of complying.
FATCA (Foreign Account Tax Compliance Act) was established to counter US income tax avoidance. It created a new model of information reporting and withholding regime for payments to FFIs and tax authorities.
Following this, the Organisation for Economic Cooperation and Development (OECD) developed the CRS (Common Reporting Standards) as a global reporting standard for the Automatic Exchange of Information (AEOI). It helps tax authorities and FIs gain a better understanding of financial assets held by their residents abroad.
How To Automate Your FATCA and CRS Validation Process
Watch the video below to see how TAINA’s Fully Automated FATCA and CRS Validation Platform is revolutionizing how financial institutions manage FATCA and CRS compliance.
See how the flexible and modular design and leading-edge capabilities of our online customer and investor portal and tax operations validation portal are helping our customers improve efficiency, grow their user base, and gain a competitive edge.
Find out more about how the TAINA platform can help you transform your FATCA and CRS tax validation process, by saving you cost, reducing risk and radically improving your customer and investor experience.