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    Hrvoje Kajzer

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    Tel.: +43 676 88 241 - 5182

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    Leading Key Account Manager

    Tel.: +43 676 88 241 - 3804

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    Software Daten Service GmbH, T-Center, Rennweg 97-99, 1030 Vienna, Austria   DIRECTIONS TO SDS
    Tel.: +43 1 24056-0 Fax: +43 1 24056-5930 E-Mail: info@sds.at   ALL CONTACT DETAILS

    Regulatory Watch

     

    Dissent standards of CRS and FATCA

    Numerous countries which participate in the data exchange via CRS or have concluded an IGA 1 in the framework of FATCA specify provisions for financial institutions for reporting accounts of foreign taxpayers, which to some extent significantly deviate from the international standards.

    The service Regulatory Watch

    In order to be able to keep a grip on this complexity despite the tight deadlines, continuous monitoring of the worldwide regulations is indispensable. As soon as the authority of a country announces an amendment, this must immediately be analysed with regard to its repercussions in order to avoid losing time for implementation.

     

    Continuous monitoring

     

    Three possible scenarios can be distinguished:

    1. The amendment is profound (e.g. an amendment of the required reporting scheme) and requires an      adjustment of the programming of the software with the associated deadlines and costs.
    2. The amendment is less profound (e.g. previously optional fields become mandatory fields) and can be implemented through a software configuration in a faster, less risky and more cost-effective manner.
    3. The amendment has no direct impact on the report itself, but it is relevant for financial institutions due to other reasons, e.g. a change of the reporting periods or the announcement of test windows.

     

    Evolving analyse and oberservation

    With the service "Regulatory Watch" in cooperation with a global consulting company, SDS offers worldwide observation and analysis of the regulatory amendments including a corresponding adaptation of our product i:Reg.

     

    Forwarding information to customers

    At first, information is provided to the participating customers about the type and content of the published new or changed requirements. In case of required amendments regarding the parameterisation, the customers are informed about the corresponding settings.
    In case parameterisation is necessary, the requirements will be analysed in a proven way and a corresponding solution will be implemented by us.

    Event

    SDS Webinar Optimising: FATCA/CRS Reporting : Utilization of reporting data for business intelligence and process optimisation FATCA/CRS reporting is now in "Business as Usual" mode and tax teams have already begun thinking about further streamlining of reporting processes, and/or partially outsourcing the process.In particular for large-scale operations and service providers, good quality control, plausibility checks and data validation is essential.

    Eventinfo
    21
    Jun
    2018