Leveraging its strong technical and domain skills, VSM has developed an integrated FATCA & CRS compliance solution for a US based company. VSM has a strong team of consultants who possess deep knowledge and hardcore experience in banking operations, applications, risk and compliance areas.
We have recently provided consultancy services to a few public and private sector banks in India
VSM’s FATCA and CRS Consulting services include
- Onboarding Process/KYC: Study the existing system, suggestions/changes in the KYC system for FATCA & CRS compliance, incorporation of business rules to ensure correct classification.
- Data remediation for existing accounts: Identification of affected products and analysis of accounts for classification and reporting requirements, identification of missing data elements essential for account classification under FATCA & CRS, formulation of self-declaration/other documentation procedures, designing data Model to obtain, validate, report and retain mandatory information..
- Communication: Designing appropriate communication strategies with the account holders to collect/track/update due diligence data, defining Recalcitrant Account Holders and monitor compliance, designing a suitable interface/integration process for different channels, designing a suitable communication system for nodal authority.
VSM’s FATCA & CRS Technology Services include:
- Extract, clean, align, standardize, transform and load data from various source systems
- Build, set up capability to capture gap data
- Develop tools for identifying and resolving data quality issues
- Ensuring data structure compliance.
- Data remediation, processing, account classification, testing/auditing for compliance and reporting.