FATCA / CRS regime was brought into force to detect and bring into record, undisclosed assets held by citizens in foreign country by imposing reporting obligations on the Financial Institutions (FFIs) of each participating country. The regime imposes challenges such as identifying the reportable accounts and complying with relevant reporting schema. With DataTracks’ one-stop solution for all FATCA / CRS regimes, compliance has become easier and simpler by connecting with filer’s internal systems, identifying reportable accounts and generating the regulatory report.
Solution is hosted on a secure cloud aiding anytime and anywhere access. Based on client’s preference, Solution can also be hosted within their IT environment.
Solution is designed with user-friendly workflow that follows Quick and simple steps for generation of XML reports due for submission.
The Single solution supports generating reports to comply with both US FATCA and the CRS Regulation.
Solution is capable to integrate with multiple data sources of clients and generate report automatically at press of a button. Alternatively, there is also an option to use excel templates designed by DataTracks to fill the data and upload into the solution.
Updates to the software will happen centrally avoiding the need to run a reinstall the software, thanks to our web based solution. In case of in-house software, updates will be executed by simple click of a patch link.
Updates to the application’s reporting framework based on Regulatory changes will be updated within a reasonable time frame to ensure timely compliance with reporting requirements.
DataTracks’ modular Solution is flexible for specific customisations like building a Due Diligence layer (to identify reportable accounts)and review of the reportable accounts identified.For any country specific Schema, the schema can be quickly loaded for specific reporting.