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Simplify the process of capturing your clients Tax Residency Information
The OECD Common Reporting Standard (“CRS”) obligates Financial Institutions (“FIs”) of over 100 different countries (“jurisdictions”) to report on an annual basis detailed information (both personal & financial information) concerning account holders who have been identified and classified as reportable, with respect to one or multiple jurisdictions.
Similar to the U.S. – Foreign Account Tax Compliance Act (“FATCA”), the objective of the CRS is to reduce tax evasion but differs significantly in scope, as it is a global initiative with fewer exceptions due to minimum account values. FIs are required to capture all tax residency information pertaining to an account holder, rather than just identify US Tax Residency Status. In operational terms, this indicates a significant increase in the volume of required information. In particular, FIs will need to contact almost all their account holders in order to establish and certify the reportable criteria of each account, as well as track, maintain, cleanse and enrich this data before reporting it to the relevant jurisdictions.
In most cases, the tax residency(ies) alone of the account holder(s), will enable the FIs to classify them as either reportable or non-reportable. Therefore, it is expected that most FIs will use CRS Self-Certification forms through which their account holders will declare their tax residencies and other information.
Online CRS Self-Certification Process
Requesting & gathering the CRS Self-Certification is simplified for both you and your clients.
1. Step 1
FI Request account holders’ tax redidencies
2. Step 2
Individual completes the self-certification form on internet
3. Step 3
Individual digitally signs the form on its web browser
4. Step 4
FI Verifies content:
Reasonableness test & enrich data
E-Signature & Unique Links (URLs) securely associate your client to their Self-Certification
Many institutions are considering mass mailings to update their client files but with our automated and online solution, you will be able to gather this information in a quick, safe & cost-effective manner.
Our E-Signature & Unique Links process:
- Associates the Signatory with the Self-Certification Form
- Does not require any other electronic device or certificate from the client
- Is time-stamped for improved tracking & management
- Is compatible on any web browser & any platform (including mobile)
- Identifies compliance gaps by tracking uncompleted forms
- Enhances Data Integrity by preventing duplicate submissions (unintentional or spam)
- Paperless = No printing or paper costs, as well as environmentally responsible
- Cost-Effective Solution reduces your overall CRS Compliance costs
- No Mass Mailings = No postage costs & fewer delays
- No demanding IT development or infrastructure required
- Flexibility to cover multiple tax evasion initiatives (FATCA / CRS / UK CDOT)
- Customize our forms with your corporate logo & colours
- Client Data protection & confidentiality
- Electronically associates client signatory with the Self- Certification form