FATCA, CRS and Chapter 3 solutions for Crypto Exchanges

Why should crypto exchanges care about these regulations? 

The OECD has ruled that crypto assets are now within the scope of the CRS and the IRS are expected to release their own guidance for FATCA in 2021. This means crypto exchanges will need to perform due diligence on their accounts, certify customers, collect documentation, and meet reporting obligations.  

Whilst the exact timing remains to be confirmed, there is no doubt that the time has come to prepare for compliance. Download a short article on the practical implications of these rules for crypto exchanges here

A new regulatory obligation is always a challenge, but with TAINA’s robust and automated FATCA and CRS solution you can meet the certification requirements and transform regulatory compliance into a competitive advantage for your business whilst still focusing on business growth. Reach out to us today to discuss how these new rules will impact you and how we can help contact@taina.tech. 

Why is TAINA different?

Key value drivers for Crypto Exchanges – we take care of FATCA and CRS compliance so you can focus on growing your business

  • Superior seamless customer experience online – on any mobile, tablet or desktop
  • Demonstrate compliance with a fully automated robust process and a transparent up-to-date rule set
  • Performs validation for the different tax regimes (FATCA, Chapter 3, CRS) in the same module, at the same time, with the appropriate business rules activated at the click of a button
  • Fully configurable and adaptable
  • Increase efficiency, reliability and turn-around times of validations – 75% faster validation process in the latest test case
  • Mitigate risks associated with manual way of working – have been able to free up over 40% of an Operational team to focus on higher value tasks
  • Automatically validates all forms in complex IMY structures and auto builds the IMY tree based on the excel allocation statement uploaded together with the top level IMY
  • TAINA’s OCR tool is fully adaptable
  • In the online solution, Clients complete, positively affirm their details accuracy and electronically sign an actual IRS W form and/or CRS Self-Certification Form

    The signed form is stored in .PDF format for auditing purposes, which simplifies evidencing of regulatory compliance
  • Cutting costs – achieved cost savings of 84% per form
  • Transform Clients’ experience with simple, intuitive online solution validating forms in real time
  • In the online solution, complete, positively affirm their details accuracy and electronically sign an actual IRS W form and/or CRS Self-Certification Form

Functionality

  • Fully automated validation solution for FATCA, CRS and Chapter 3 regimes, covering all major tax form types
  • Multi-layer IMY and QI logic
  • Enables withholding tax calculations
  • Tracks Changes Reasons to Know and Changes in Circumstances to ensure continuous compliance
  • Account classification and MI analysis for operational and senior management
  • Customisable self-certifications
  • Capable of additional languages to English
  • Automatic cross checking of internal and public databases for validation

Clarity

  • User-friendly and interactive solution that helps customers complete their tax forms correctly
  • Questionnaire forms that makes impenetrable language easy to understand
  • Reasons to Know and Changes in Circumstances ensure continuous compliance
  • Flexible dashboard and reporting tailored to Responsible Officers enables them to identify areas of risk, see trends over time, drill down to underlying documentation and ultimately makes it easier for the Responsible Officer to visualise, assess for decisions that require their sign-off.
  • Powerful validation engine cross-checks against public information and your own databases
  • End to end holistic solution that covers all major access media

Expertise

  • Real time validation that removes customer and back office pain by reducing the possibility of erroneous submissions, removing chasing and frustration
  • Up-to date forms from the IRS and CRS equivalents
  • Covers US Withholding Agents and Withholding Agents outside of the US, QI and non-QI entities in the same engine
  • Fully automated validator that includes multi-layer IMY validation, withholding calculations and QI logic
  • Cyber security sits at the heart of our platform’s design and architecture
  • GDPR compliant

TAINA enhances customer experience, while enabling truly scalable compliance

Enabling superior client experience and client relationship management, reducing back office burden 
 and robust audit protection. 

 

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Common problems facing Crypto Exchanges

Client facing

  • Clients don’t like tax forms Clients don’t like tax forms
  • Clients may have faced  multiple requests from different business units Clients may have faced multiple requests from different business units
  • Delays between submission of information and feedback Delays between submission of information and feedback
  • Delays to business and satisfaction Delays to business and satisfaction

Operational

  • End-to-end system that can easily be integrated to different core and legacy systems End-to-end system that can easily be integrated to different core and legacy systems
  • Automated and consistent rule set Automated and consistent rule set
  • TAINA maintains up-to-date rulesets so you don’t have to TAINA maintains up-to-date rulesets so you don’t have to
  • Automation drives efficiencies Automation drives efficiencies

Regulatory and Governance

  • Advanced audit demonstrates compliance post-factum both internally and externally Advanced audit demonstrates compliance post-factum both internally and externally
  • Demonstrates Client’s compliance Demonstrates Client’s compliance
  • Delivers a demonstrably consistent process Delivers a demonstrably consistent process
  • Reduces audit time and risk Reduces audit time and risk

TAINA targets these through automation and a customer-friendly approach

Client facing

  • TAINA makes it easy and quick to complete tax forms TAINA makes it easy and quick to complete tax forms
  • TAINA’s system enables sharing of tax forms across business units TAINA’s system enables sharing of tax forms across business units
  • Instantaneous validation of inputs cuts out delays in response Instantaneous validation of inputs cuts out delays in response
  • Reduces delays to business and delivers increased satisfaction Reduces delays to business and delivers increased satisfaction

Operational

  • End-to-end system that can easily be integrated to different core and legacy systems End-to-end system that can easily be integrated to different core and legacy systems
  • Automated and consistent rule set Automated and consistent rule set
  • TAINA maintains up-to-date rulesets so you don’t have to TAINA maintains up-to-date rulesets so you don’t have to
  • Automation drives efficiencies Automation drives efficiencies

Regulatory and Governance

  • Advanced audit demonstrates compliance post-factum both internally and externally Advanced audit demonstrates compliance post-factum both internally and externally
  • Demonstrates Client’s compliance Demonstrates Client’s compliance
  • Delivers a demonstrably consistent process Delivers a demonstrably consistent process
  • Reduces audit time and risk Reduces audit time and risk