Offshore banking has long been considered the safest method of avoiding local taxes. Globalisation and seamless communication, on the other hand, have made offshore banking more transparent, allowing AEOI Regimes to establish control over their taxable finances in offshore institutions.

Common Reporting Standard (CRS), a global standard for Automatic Exchange of Information (AEOI) on bank accounts between reporting jurisdictions to prevent offshore tax evasion, is one such globalisation initiative. This AEOI reporting occurs annually between reporting jurisdictions in order to maintain the integrity of their taxation systems.

One of the major challenges that banks face in achieving CRS Reporting Standards compliance is keeping up with the ever-changing regulatory reporting requirements imposed by local tax regulatory authorities.

Banks are encouraged to invest more of their productive hours in monitoring and implementing specified standards in order to withstand these regulatory evolutions and make them compatible with the same. This adds to the long list of problems that exist in the process of implementing CRS.

In this whitepaper, we will delve into the most common challenges that financial institutions experience in reaching CRS compliance standards, as well as how MG’s CRS Stride ‘quenched their thirst’ by providing a ‘fit for the purpose’ solution to accomplish the anticipated standards easily.

In addition, we will assist financial institutions in making a more informed strategic choice on “Whether to Outsource, Build, or Buy their CRS reporting solution?”