TAX REPORTING AND COMPLIANCE (TRAC) SOLUTION

MODULAR, HIGHY AUTOMATED, END-TO-END SOLUTION TO SUPPORT THE AEOI FATCA, CRS REPORTING REQUIREMENTS

Dion's Tax Reporting & Compliance CRS Solution
Built on scalable technology, TRAC (Tax Reporting and Compliance Solution) allows rapid integration of 3rd party systems, it can be used as an “End-to-End” solution supporting CRS due diligence and fiscal reporting requirements, or as a reporting only solution. TRAC has been deployed to support FATCA & CRS in over 80 different jurisdictions.
Dion's Tax Reporting & Compliance CRS Solution

Media leaks like the paradise paper, combined with more recent information collected through compliance activities of a number of tax administrations, demonstrate that financial institutions and professional advisors continue to design, market or assist in the implementation of offshore structures and arrangements to circumvent the goals of CRS (Common Reporting Standard). The results of the OECD’s (Automatic Exchange of Information) disclosure initiative back this notion too. Residence by investment (RBI) or Citizenship by investment (CBI) schemes allow foreign individuals to obtain citizenship or residency rights in exchange for local investments. Such schema might be abused by individual account holder to comply with the Common Reporting Standard disclosure facilities and to circumvent a reporting under CRS. As a result the OECD requires financial institutions (FI’s) to strengthen their CRS due diligence procedures to identify account holder using such arrangements to circumvent the aims of CRS disclosure and reporting requirements.

Finally, more and more jurisdictions revoke the exemption of certain pension funds to be treated as non-reportable FIs under CRS. Affected pension funds are required to implement CRS due diligence and reporting processes to ensure CRS compliance.

Dion’s Tax Reporting and Compliance Solution for CRS (TRAC-CRS) is designed on a modular approach with a high level of automation to meet CRS due diligence and fiscal reporting requirements. The modular approach allows to operate TRAC-CRS either as an “End-to-End” solution supporting CRS due diligence and fiscal reporting requirements, or as a reporting only solution (requires pre-classified account holder information) to meet CRS and FATCA fiscal reporting needs.

Dion’s TRAC-CRS Solution is built on scalable 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
  • Workflow
    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 Standard or jurisdiction specific schema


KEY BENEFITS OF USING TRAC-CRS

COMPLIANCE
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.


For a copy of our brochure or for more insight into our solution, write to us at connect@dionglobal.com

Dion footer image of building
Contact us