TAX REPORTING AND COMPLIANCE (TRAC) SOLUTION
MODULAR, HIGHY AUTOMATED, END-TO-END SOLUTION TO SUPPORT THE AEOI FATCA, CRS REPORTING REQUIREMENTS
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.
For a copy of our brochure or for more insight into our solution, write to us at email@example.com