Macro Global (MG) the UK based IT products and services company have been offering more advanced and evolving FinTech and RegTech solutions to over 25 plus Banks in the UK and expanding across Europe & MENA markets. We are one of the leading and fast-growing vendors in the Regulatory Technology space and are very well known as the most trusted strategic technology partner by our clients in the UK and European markets for easing out their compliance obligations and regulatory burdens.
As part of our cloud adoption strategy and being a Microsoft Gold Partner, we have tailored our CRS solution as a Secure Cloud-based Web Application by automating the entire processes around CRS reporting with all our experience & expertise in the regulatory landscape.
This strategic change ensures our customers are transitioned to a much better “Fully Supercharged, Single licencing, All-in-one SaaS Platform” that takes care of your business round the clock, “Anywhere, Anytime, Any Device”.
Our CRS solution facilitates the financial institutions to extract the raw input data from disparate datasets and to enrich the same by making amendments at the customer level “within the application”. Banks can make use of the updated CRS data to generate and email the customised self-certificates for the individual, entity and controlling person customers with a touch of a button.
The generated CRS XML file is subjected to 90+ CRS specific audit validations to identify the inconsistencies within and to categorize them based on their severity. The banks can utilise the extensive “Risk-based Audit Report” generated out of our solution to identify and mitigate the risk items around the source data which could trigger non-compliance of HMRC CRS reporting mandates.
What are the major benefits this brings to our customers?
In 2019, the factsheet of Macro Global’s solutioning addressed major regulatory reporting challenges over operational data governance and sovereignty due to various geographical presence of the financial institution.
Every financial institution scrambling to get over the line of HMRC CRS deadline every year around April and May, Are you pro-active with your planning? Are you ready to submit your CRS with confidence and manage queries back to back with HMRC? We discuss and try to answer the above questions in this blog to give you peace of mind.
As you are aware, after decades of discussion and dialogue finally in 2014, the Organization for Economic Co-operation and Development (OECD) introduced CRS as a global legal framework for Automatic Exchange Of Information(AEOI) between multiple jurisdictions to promote tax transparency and prevent offshore tax evasion. OECD directs the participating jurisdictions to obtain information from the Financial Institutions on the financial accounts held by the non-residents. This information will then be exchanged annually among the relevant jurisdictions. So far 115 jurisdictions around the globe have adopted CRS to maintain the integrity of the tax systems by combating offshore bank secrecy
Whom does it affect?
Why is CRS important?
CRS Compliance is imperative in retaining the reputation of the financial institutions and the participating jurisdictions, as the CRS data shared by the jurisdictions will be peer-reviewed and any non-adherence to the agreement may place them on the OECD’s lists of non-cooperative jurisdictions. This is placing immense pressure on the tax authorities to ensure that the internal controls are in place and the financial institutions abide by the regulatory requirements.
What does this mean in reality for banks?
Financial Institutions need a robust framework to handle the ever-evolving CRS requirements. AEOI compliance will not be a “business as usual” for the financial institutions as their existing KYC/AML and client onboarding procedures will go through an exhaustive due diligence procedure to segregate and categorise the CRS reportable accounts.
To ensure comprehensive and hassle-free compliance to robust regulations, Financial Institutions need to foster collaboration between various teams such as Operations, IT, Legal, and Taxation. With our futureproof “CRS Stride – AEOI / HMRC CRS & FATCA Reporting Solution”, financial institutions would be better placed to furnish the precise CRS data in line with the HMRC CRS specifications.
We take care of your CRS reporting obligations in its entirety and assist you not during the deadline but prepare you before and after the submission through our audit and automation platform. You have one less thing to worry about and fully confident that your compliance adherence completely addressed throughout with an assurance validation by our tax and subject matter experts.
CRS Reporting deadline is fast approaching! Are you ready? If not, click here to start.
In our last article, we discussed about “Best-Fit” and a follow on we wanted to discuss on Data Management. Despite the substantial investment made by banks in data management, the requirement for a platform to carry out manual workarounds to the CRS Input data for impairing the risks of inaccurate reporting continue to persist.
Core Banking System is the golden source of reference data for CRS reporting but before accommodating the CRS input file it requires exhaustive refinements to comply with the HMRC standards. The maladaptation to the system scalability makes the banks lookout for new solutions.
What if the CRS application enables you to amend reportable data?
Having data management as an integrated feature within the CRS application will eradicate performing multiple iterations in amending the CRS reportable data.
MG’s “CRS Stride – AEOI / HMRC CRS & FATCA Reporting Solution” facilitates amending the CRS data at the customer level within the application, enabling the banks to achieve the desired input data quality before considering it for CRS XML file generation. Upon achieving the desired standards, CRS Stride generates an extensive audit trail with 90+ validations to track and manage the deviations within the reportable data, providing utmost confidence for the banks in reporting the CRS data.
MG’s Adhoc and On-demand support for HMRC queries
In the event, where HMRC detects and notifies inaccurate or incorrect data around the submitted CRS Reports, MG with its team of SMEs provides an extended arm to precisely fix the erroneous data by efficiently generating the Submission Variation and Submission Replacement XML files within the stringent timelines as specified by HMRC. The platform enables multiple variation submission with ease.
Click Here to know more about the other features and benefits offered by CRS Stride.
With our 20 plus years of experience, we will be able to navigate you to avoid the pitfalls and guide you for successful completion. Let’s discuss the common questions that come to any key decision-makers mind across this blog to walk you through and experience the differences each option offers and to be able to decide which one would be a “Best-Fit” for your organisation.
The significance that CRS has gained over few years by promoting tax transparency has made many jurisdictions adopt CRS to mobilise their tax revenues. This increase in the number of reporting Jurisdictions has certainly kept the financial institutions occupied over the last few years as there exists a huge inefficiency in handling the ever-changing regulatory requirements.
To pull back and accelerate the declined productivity the Financial Institutions desperate for an optimal CRS solution to seamlessly achieve the expected CRS Compliance mandated by HMRC with crucial strategic crossroads as Whether to Outsource, Build or Buy the best fit CRS reporting solution?
Outsourcing a right choice?
Delegating the CRS compliance activities to an external service provider may resemble to be a beneficial business strategy as it aids the financial institutions to cut off a considerable CapEx but do consider the following inevitable factors before taking a final call.
Building In-House a wise choice?
Making a wise choice needs fact checks so does building in-house.
Building an in-house CRS reporting solution may help you exhibit full control over the project and helps you address specific needs with respect to CRS reporting, but do a lookup to evaluate the following parameters before making the buy decision.
Buying a SaaS Solution?
The choices and their constraints might have baffled you, check this piece to unveil the blindfold.
First and foremost, the SaaS-based CRS solution bought from a third-party provider can be deployed at no time and subsequently it reduces the cost and effort involved while addressing the specific needs around CRS reporting.
The banks have the advantage of scrutinising the efficiency, compatibility, and support availability of the SaaS solution before arriving at the buy decision. Having in place a comprehensive CRS solution, the shift across CRS regulatory landscape can be handled at ease as the solution provider would hold the responsibility of upscaling the CRS reporting solution by incorporating the enhancements mandated by HMRC.
Conclusion – It may still be a dilemma but we will be able to assist you in making that right decision.
In our view and our experience with dozens of case studies opting to buy a SaaS-based CRS solution enables the banks to focus on their core value propositions to gain an edge over their competitors but finding the right solution from the right vendor remains to be a key success formula for the banks.
MG with its decades of experience in the Regtech space has tailored CRS Stride as a full-stack SaaS solution that automates all the phases of the CRS reporting process.
Click Here to know more about how MG’s “CRS Stride” can quench your quest for an Optimal CRS solution. Try our product and services which address 360 degree of your CRS reporting obligation but you can change your mind if you feel it’s not the right fit at any point.