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FATCA – US TIN – 3 Rules to be followed by RFIs under Model-1 IGA

As per the Inter-Governmental Agreement (IGA-Model1) between India and USA, Indian Reporting Financial Institutions (RFI) have submitted data relating to the financial accounts for the calendar years ended 2015, 2016 & 2017 to Central Board of Direct Taxes(CBDT). CBDT has commenced exchange of data with USA-Internal Revenue Service (USA-IRS). All the RFIs are required to report U.S. Taxpayer Identification Numbers (U.S. TINs) for the US reportable accounts. If such RFIs comply with the procedure, then…

Why should you outsource Application Support on a managed services mode ?

Technology is spreading its wings everywhere like wildfire and BFSI is not an exception to this. Rapid strides in Technology have resulted in exploring outsourced services & resources to render efficient service to customers. Is it necessary to outsource services, given the strong and well-trained workforce available in sectors like BFSI ? While I agree that staff available in BFSI are knowledgeable in handling domain related services, but their technical skills and experience may not…

CRS Compliance Procedure for Entities – Pre-existing Accounts

Needless to say, Common Reporting Standard (CRS) Compliance by Financial Institutions is a statutory requirement.The regulation encompasses Due diligence completion and reporting of Financial Accounts of Individuals, Entities and Controlling persons of the Entities with the foreign resident status of a CRS jurisdiction. The procedure for Due Diligence of Individuals is relatively simple compared to that of Entities as it requires several checks to be carried out before arriving at the reportable status of the…

Due Diligence for FATCA_CRS Compliance – Challenges for Reporting Financial Institutions and the Remedial Measures

Challenges: Each country desires its residents to be tax transparent and in the process the statutory authorities introduce multiple due diligence procedures to be adopted by Financial Institutions (FI). These procedures vary from time to time depending on varying demands either from local government or from Global practices. The compliance rules/procedures imposed by tax authorities of different jurisdictions have thrown challenges for the Financial Institutions in implementing such procedures on the account holders especially the…

“Improving Application support efficiency in Core Banking”

Core Banking is a rapid innovation in Banking Technology and it has become the backbone for every business transaction done through several delivery channels. Core Banking Application works under a multi-tiered architecture covering database, application and web layers beside net working layer to enable the user to access the application. Application Layer of Core Banking platform needs support resources having the following skills, while technical resources are sufficient for providing support services for other layers:…