CRS Compliance
What is CRS Compliance? The Common Reporting Standard (CRS) is a new information-gathering and reporting requirement for financial institutions in participating countries/jurisdictions, to help fight against tax evasion and protect the integrity of tax systems.
Do you need to address your CRS compliance?
Rising enforcement by the OECD, ever-changing legislation and disparate systems have led to increased risk and cost of CRS compliance for financial institutions.
Is Compliance With CRS Mandatory?
Compliance with CRS is required by law in participating jurisdictions. If you do not respond to the Bank's request for information, and depending on the details on your record, the Bank may need to treat your account as a reportable account.
Manage the increased risk of CRS compliance
The rise in OECD enforcement and The Common Reporting Standard (CRS) complaince tax authority reviews paired with the ever changing legislation around CRS has further increased the risk for financial institutions. Making it more important now than ever to address your CRS validation process.
- TAINA takes care of your CRS & FATCA compliance in a seamless end-to-end process
- TAINA maintains an up to date, robust and detailed CRS ruleset
Revolutionize your CRS compliance
Minimize the risk caused by disparate systems that don't talk to each other. TAINA will easily integrate all legacy systems to create a seamless end to end CRS validation process.
- Save 75% of your time on processing CRS forms
Improve your customers experience of CRS forms
Streamline your online onboarding experience with simple and intuitive CRS forms that will ensure qualiry CRS data on onboarding that will lead to quality CRS output for reporting. Provide your customers with real-time validation on CRS forms to reduce error rates and delays in response.
- Reduce going back and forth with customers for CRS forms by 85%
- Save your customer 63% of their time on completing tax forms with a 'no tax form' customer journey
Automate your CRS compliance
Increasing complexity of CRS compliance have escalated rates of manual inputs and human error and have increased the cost of CRS compliance. Save costs by eliminating duplicated processes and missing technology and deploying an efficient, fully automated CRS operating model.
