• linkedingoogleplustwitterfacebook

Top 5 Suggested RPA Processes for Indian Banks

Robotic Process Automation (RPA) is an emerging technology where robots mimic human functions with greater speed and accuracy. RPA envisages deployment of software robots in day- to-day data processing activities of the Organizations. The jobs most suitable for RPA are repetitive, high Volume and rule based processes performed by human resources using IT Systems. The advantages of deploying robots in business operations are Removal of Drudgery of repetitive work by human resources Efficiency in operations;…

Citizenship by Investment – Time for review to help Common Reporting Standard (CRS)!!

Citizenship by investment is a process whereby wealthy individuals can obtain a second citizenship very quickly in exchange for an investment or donation. To encourage Foreign Direct Investment and to attract high net worth individuals to settle and do business, many countries have launched their investment programs to enable rich people secure citizenship in these countries. The investment schemes are termed as Citizenship By Investment (CBI) and Residence By Investment (RBI), while different names have…

FATCA and CRS Compliance – DQR-RRC

What is DQR-RRC? FATCA & CRS compliance reports are filed in Statement 61B XML format with Central Board of Direct Taxes (CBDT) every year on or before 31st May for the preceding calendar year. These reports are validated by CBDT and they release Data Quality Report containing the Reports Requiring Correction nicknamed as DQR-RRC. The data errors are classified as Mandatory Errors, Defects and Exceptions. The statement will be rejected if Mandatory Errors are present…

Golden Passport for the Rich …Is Citizenship becoming a commodity to circumvent Common Reporting Standard (CRS)?

Organization for Economic Co-operation and Development (OECD) has identified certain investment schemes promoted by some countries to enable rich people to obtain citizenship in that country without insisting on their physical presence in the country at least for a minimum period of 90 days in a year. The investment schemes are termed as Citizenship By Investment (CBI) and Residence By Investment (RBI), while different names have been assigned to the schemes by the countries. Individuals…

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…

Compliance with FATCA-CRS regulations – How it helps Financial Institutions in tracking/monitoring account holders tax-resident in FATF Black & Grey listed countries?

The Financial Action Task Force (FATF), to protect the international financial system from Money Laundering and Financing of Terrorism (ML/FT) risks and to encourage greater compliance with the AML/CFT (Anti Money Laundering/Combating Financing of Terrorism) standards, identifies jurisdictions that have strategic deficiencies and works with them to address those deficiencies that pose a risk to the international financial system. There are around 50 jurisdictions with weak measures to combat money laundering and terrorist financing. Account…

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…

Do you have multiple specialties, and yet a “one-size fits all CRM” probably meant for Primary Care?

I had a visitor the other day: head of a company that has a few specialty business divisions, including Oncology. I asked him: what brings you to Bangalore so often? And he said he has been personally visiting Bangalore once a month for the last 4 months, with a view to visit a large Cancer hospital, to win the account. It was yet to happen. That set me thinking. It is obvious that Specialty business…

Security and Pharma CRM/SFE

Before I expand on Security aspects of a CRM/SFE application, let us look into some basic questions. Security – What is it? All customers are aware of it. Security – Needed? All customers will of course agree Security – Criteria for vendor evaluation? Not always Some Pharma companies of course have a stringent process to evaluate the vendor and the offering on various information security parameters. Some companies opt for own server which is 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…