Common Reporting Standard

Overview

The Common Reporting Standard (CRS), released by the Organization for Economic Co-operation and Development (OECD) in July 2014, aims to minimize offshore tax evasion and money laundering by foreign citizens and companies. As the early adopters have committed to ensuring compliance reporting in September 2017, respective financial institutions need to have all the required systems and processes in place by these dates. Consequently, financial institutions have initiated compliance efforts, and are conducting impact assessments and gap analyses to implement CRS solutions. Deploying such systems requires a high level of customization, creating the need for a partner with extensive domain and technology expertise.

Tata Consultancy Services’ (TCS) Common Reporting Standard application helps financial institutions ensure on-time CRS compliance, in a cost-effective manner. The offering enables comprehensive compliance across different lines of business while minimizing the impact on end customers.

Built on Appian and leveraging TCS Reference Business Architecture, the application addresses the following key business processes:

Documentation Capture from customers
Verification of documentation with KYC Officers
FATCA Submissions

Key benefits:

Operational efficiency: Improve operational efficiency through integration and optimization of different processes such as KYC, AML, FATCA, and CRS
On-time compliance: Effectively meet CRS requirements, in a timely and efficient manner, while standardizing compliance and reporting processes
Continuous improvement through process metrics
Domain expertise: Benefit from our large pool of banking and financial compliance experts