Making FATCA and CRS reporting processes operationally sustainable long-term’

In today’s increasingly globalization, Individuals and legal entities find it relatively easy to hold and manage investments through off-shore Financial Accounts without any income being visible to their domestic tax authorities, unless the taxpayer actually discloses it. The OECD’s tax transparency obligations, Foreign Account Tax Compliance Act (FATCA) and the Automatic Exchange of Information (AEOI) regulations place a heavy burden on firms to enhance their processes for collecting and reporting client information.

To meet OECD Common Reporting Standard (CRS) and FATCA tax transparency requirements and to avoid non-compliance penalties and reputational risk, Financial Institutions have been obliged to improve their KYC and fiscal reporting procedures and to continually monitor changes on Account holders demographic Data. Many institutions have hastily implemented manual or semi-manual processes which might not be insufficient to withstand the scrutiny of peer reviews, or not be operationally sustainable long-term.

Dion’s Tax Reporting and Compliance (TRAC) Solution offers a complete solution with a high level of automation to meet both the FATCA and CRS due diligence and fiscal reporting requirements. TRAC is built on scalable technology providing the ability to connect multiple source systems, collecting CRS and FATCA relevant Information in order to support Financial Institutions changing needs and demands. Dion’s TRAC-CRS Solution is built upon technology which allows the rapid integration of 3rd party systems and allows changes in fiscal regulations to be implemented quickly.TRAC is being used in financial institutions across the globe, ranging from Tier 1 institutions to local banks. TRAC has been deployed to support FATCA & CRS in over 80 different jurisdictions.

TRAC-CRS Features

Core Engine
Rules to drive Data Validation, Due Diligence & Classification based to meet CRS requirements

Jurisdiction & Financial Layer
Configurability to build jurisdiction and financial institution specific compliance requirements.

Case Management Layer
Rules driven workflow to generate, manage and close cases due to remediation needs and data discrepancies

To complement existing business processes and manage distribution, routing and follow-up of cases based on four eyes principle

Presentation Layer
Thin web-based client interface presenting holistic dashboards and detailed account classification results.

Fiscal Reporting
Production and management of Fiscal Reports based on CRS Standard or jurisdiction specific schema
Key Benefits of using TRAC-CRS


TRAC-CRS provides financial institutions with a current classification and reporting status as well as historical results and actions performed on account holder level supported by an audit trail.

Operational efficiency

TRAC-CRS is highly automated and allows financial institutions to customise their desired level of manual intervention supported by Service Level Agreements to track cases and alert when regulatory timelines are not met.

Reduce cost

With TRAC’s centrally implemented solution and web-based user interface, an organisation of any size and geographical structure can manage the regulatory requirements in a cost-efficient way.

Scalable infrastructure

TRAC-CRS is built on scalable Dion technology providing the ability to connect multiple source systems, collecting CRS-relevant Information in order to support Financial Institutions changing needs and demands.

Tax Newsletter, January 2018

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