CRS Stride Compliance – Minefield on Business Rationalisation
Macro Global succoured our client on regulatory compliance through our CRS Stride, Common Reporting Standard Reporting Platform enabling them to quickly adapt in real-time with maximum operational efficiency.
Regulators across the globe are diligent and stringent in monitoring the financial institutions in combating the battle against money laundering, terrorist financing and tax evasion by foreshadowing regulations. Tax transparency has become increasingly significant for financial institutions due to the initiation of OECD’s Common Reporting Standard (CRS) and the Foreign Account Tax Compliance Act (FATCA) reporting.
Financial institutions must have robust reporting systems in place to manage and comply the CRS and FATCA mandated legislations by reporting accurate and consistent data to steer clear off impacts to brand reputation, investigation, restrictions, remediation and penalties from tax authorities.
AEOI regimes worldwide are competing with economic downturn due to the COVID-19 pandemic and it has become even more important for authorities to utilise information from tax transparency initiatives to mobilise tax revenues and combat tax evasion. Hence, financial institutions must understand the objectives and the key requirements of accurate CRS reporting.
The cost of increased regulation reflects the constantly rising compliance overheads of financial services companies since the 2008 financial crisis. In this business case, we will discuss the challenges faced by the financial institutions in CRS reporting and how Macro Global succoured FIs on regulatory compliance through CRS Stride enabling them to quickly adapt in real-time with maximum operational efficiency.