Best Fit for Optimum CRS Compliance. Outsource, Build or Buy?
Learn the most common barriers faced by the financial institutions in achieving Common Reporting Standard compliance standards and how Macro Global helps the business to acheive the standard.
Over the decades, offshore banking deemed to be the safest way of local tax evasion. However, globalisation and seamless connectivity have made the offshore banking to be more transparent for the AEOI Regimes to establish control over their taxable finances in the offshore banks.
One such globalisation initiative is Common Reporting Standard (CRS), a global standard for Automatic Exchange of Information (AEOI) on financial accounts between the reporting jurisdictions to combat offshore tax evasion. This AEOI reporting takes place annually between the reporting jurisdictions to retain the integrity of their taxation systems.
One of the main hindrances before the banks in their journey of achieving compliance to CRS Reporting Standards is staying updated with the ever-changing regulatory reporting requirements imposed by the local tax regulatory authorities.
To withstand these regulatory evolutions and to make them compatible with the same, the banks are emphasised to invest more of their productive hours in monitoring and implementing the mandated requirements. This adds up to the below list of extended challenges that prevail in the process of implementing CRS.
In this whitepaper, we will deep dive into the most common barriers faced by the financial institutions in achieving CRS compliance standards and how MG’s CRS Stride ‘quenched their quest’ by offering a ‘fit for the purpose’ solution to seamlessly achieve the expected standards.
Furthermore, we will handhold the financial institutions to arrive at a more informed strategic decision on “Whether to Outsource, Build or Buy their CRS reporting solution?”.