The Common Reporting Standard (CRS) and the Foreign Account Tax Compliance Act (FATCA) have an impact on the financial services industry, and Small and Medium Enterprise (SME) banks are investing in finding ways to simplify the complex process of complying with global reporting standards in order to ensure effective compliance and risk management.

As a tactic to combat tax evasion, global tax authorities have recognised the benefit of gathering reports on financial accounts maintained overseas by their tax residents.

Since legislation swayed regulators to improve openness and safeguard investors and tax revenues, the compliance burden has been more difficult in recent years. Shifting financial and economic conditions, along with increased regulatory scrutiny, continue to create a difficult environment for SME banks.

In this business case, we will show how our banking clients benefited from managing the CRS compliance load with an automated reporting hub that provides end-to-end control over the preparation and management of CRS filings with greater business insights.