Change in Circumstance Monitoring
Do you need to identify conflicting information, expired forms and monitor change in circumstances? TAINA offers an Ongoing Monitoring alert base interface that enables tax operations teams to proactively identify and cure change in circumstance and form expiry scenarios.
Address overlooked pain of manual Change in Circumstance Monitoring
FATCA and CRS regulations require the ongoing monitoring of account details. Manual tax operations and partially automated solutions have made monitoring and identifying changing circumstances (CiC), expired forms and forms with conflicting information a risky and painful process that is more reactive than proactive.
-
Requesting or exporting of reports from IT followed by scheduled manual checks and follow-ups
-
The inaccurate implementation of the document curing requirements might lead to under/over-reporting
-
Risk of submitting incorrect FATCA and CRS tax returns and being penalised for being non-compliant
Reduce risk by proactively curing change in circumstance
When Customer & Account Data from upstream systems is added into TAINA and does not match stored information, an alert is triggered. These alerts cover changes to data points, including:
- Name
- Country - permanent address, treaty claim, citizenship
- GIIN - change or removed from IRS list
- US TIN
- Among 17 total comparisons
Automate your tax validation and remediation process
Webhooks allow for automatic identification and alert of Change in Circumstance event. Enable tax operation teams to resolve and solicit new tax forms to cure Change in Circumstance or form expiry event with an automated 2-eye or 4-eye workflow, ensuring all forms are valid on an ongoing basis.
Save time identifying expiring and expired tax forms
Once an alert is triggered, some Change in Circumstance will result in immediately expiring the existing form. Some will expire the form after a set regulatory grace period.
- A grace period is the time a Financial Institution has to ‘Cure’ any Change in Circumstances to a customer's records.
- Grace periods are not prescribed in regulations in all cases and can have different default expiration periods
- If ‘curing’ does not take place and the grace period elapses, any previous customer tax form is invalidated.
Deliver efficient and robust tax compliance processes
If a confirmed CiC has taken place, Back Office user will then ‘cure’ the Change in Circumstance by adding the relevant documentary evidence OR input a new form. If the alert is not cured, then any associated customer forms will expire after the specified 'grace period' is over.