Automatic Exchange of Information (AEOI) requires to report banks account between tax authorities. CRS, Common Reporting Standard, is the model used to deliver such reporting.

Since some years, OPES has been supporting banks institutions in their CRS reporting with a solution aimed to reduce the time for reporting and the risks of errors.

To whom our Services are intended?

All financial institutions of jurisdictions participating OECD countries.

Software Features:

Simplify manual processes and mitigate operational risk.

Quickly convert client data into CRS Report.

Immediately submit files to Local Tax Authority.

Preparing and filing electronic FATCA XML reports need not be an expensive and laborious task. OPES FATCA prepares properly formatted electronic files, which are ready for filing with every jurisdiction following the FATCA XML standard. Avoid the stress of creating and maintaining XML files that comply with the IRS schema.

Global Information Reporting With OPES

With the enactment of the Foreign Account Tax Compliance Act (FATCA), the United States wishes to ensure that all accounts held abroad by US taxpayers can actually be taxed. FATCA is a unilateral set of US regulations that applies worldwide for all countries. It requires foreign financial institutions to disclose information on US accounts to the IRS. Our solutions support all types of financial institutions and models, IDES and most country specific schemas and portals.

Support For All IGA & Non-IGA Models

All types of financial institutions (FFIs) are supported, including sponsoring entities, territorial financial institutions and intermediaries. The software prepares properly formatted electronic files, which are ready for filing with every jurisdiction. Avoid the stress of creating XML files that comply with the IRS schema. We continuously update all solutions to ensure compatibility with all schema changes and home country tax authority portals supported.

Under the Model 2 IGA the partner jurisdiction agrees to direct and enable all relevant FFIs located in the jurisdiction to report specified information about their U.S. accounts directly to the IRS. The International Data Exchange Service (IDES) is the electronic delivery point where Financial Institutions (FI) and Host Country Tax Authorities (HCTA) can transmit and exchange FATCA data with the United States.

As the IDES Data Transmission and File Preparation process is quite complex OPES will help you to do all with one tool with only a few clicks. Just enter all required information into the configuration screen and start the process. The output is a validated, encrypted, signed, ready-to-upload zip-file. As an optional step, the tool can generate the required sender meta data XML-file.

The FIRE-i Solution allows Banks and Financial institutions to maintain their compliance obligations to the local and international regulations, against current and prospective risks that could arise from money laundry and terrorism funding activities.

The easy to use solution allows its user to search Millions of records coming from hundred’s of international lists, PEP Lists, Blacklists and local Government lists.

The main purposed of FIRE-i is to check if a client is blacklisted on any international or local list. The system will help the user to identify on which list an individual or entity is listed and generate report about them .

The system also:

• Let the user extract data in an Excel format so that it can be formatted for management reporting.
• Filter what data needs to be extracted.
• Also, the system has a mechanism to frequently update the lists for better accurate data.
• Send notifications.

The OPES FIRE solution is a fully integrated suite of tools and intelligence that enables financial institutions to easily manage and comply with FATCA and CRS requirements. FIRE electronically searches through all client data, automatically identifies those subject to FATCA regulations and CRS, and then provides you with remediation steps for each account. The integrated rules engine combined with a complementing workflow manager enables you to expedite the review process and mitigate manual errors.

Centralized Dashboard

FIRE’s centralized dashboard summarizes all your clients according to FATCA and CRS classification (Reportable, Non-Reportable, Recalcitrant, or Undocumented). It provides you with a holistic view of your FATCA and CRS Statuses.

Compliant Customer On-boarding

Improve your customer experience with streamlined processes that meet regulatory requirements, based on customer type, lines of business, unique characteristics, and risk.

Customizable Controls & Full Audit Trails

Customizable permissions within FIRE enable you to control what specific users or departments can access or edit client data. In addition, an audit trail allows you to fully capture client changes in circumstances.

Automated Reporting

FIRE will automatically create the required appropriate XML file/files according to both FATCA and CRS requirements.

Developed in partnership with our world class International TAX and accounting partners. The OPES ICE solution is a suite of tools that enables financial institutions to easily manage and expedite the process of complying with the IRS electronic filing and reporting requirements of Form 1042-S (Foreign Person’s U.S. Source Income Subject to Withholding). ICE enables you to upload all the required information in batch form and then automatically generates the necessary IRS formatted E-files and electronically submits them to the IRS. ICE also mass produces client copies of the 1042-S form.

Meet IRS E-Filing Deadline

ICE enables you to meet your IRS e-filing requirements on time and accurately, mitigating the possibility of incurring IRS penalties.

Reports in Minutes

OPES ICE is also offered in a service bureau. Simply supply us with your data and we take care of the rest.  We will create your required 1042-S electronic file and submit it to the IRS on your behalf.

Reduce Risk & Increase Efficiency

Electronically generated IRS E-files and populated IRS 1042-S forms mitigate the possibility of manual errors, reducing your operational risk and improving reporting efficiency.