Complete your FATCA & CRS Due Diligence & Identify your Reportable Accounts with Confidence & Control!
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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.
- Integrated Rules Engine – Automates manual processes and mitigates operational risk.
- Complex Search Function – Easily find accounts based on specific search criteria (U.S. indicia, portfolio value, entity type, or review status…).
- Centralized Dashboard – Gain a global view of your exposure to FATCA and comprehensive workflow progress.
- Full Audit Trail – Fulfill your record keeping requirements for compliance purposes.
- Enhanced Reporting – Quickly generate IRS Forms and produce internal reports.
OPES FIRE Comprehensive FATCA/CRS Solution Framework
1. Financial
Institution System
2. Identify
Potential Persons With Indicia
3. Seamless Integration of
Systems / Data Cleansing
4. Electronic
Search Rules Engine
5. Request Client
Documentation & Investigate
6. Data Validation
For Missing Indicia
7. Confirm Status Reportable /
Non-Reportable
8. Electronically Generated
Tax Authority Report