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 […]
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 […]
TOP 4 CHALLENGES IN FATCA-CRS COMPLIANCE IN INDIA
While Reporting Financial Institutions in India are gearing up to identify reportable account holders, complete due diligence & data remediation, they are encountering the following challenges: 1. Individual Reportable Account Holders: While there is a threshold for FATCA reportable individual account holders (USD 50000), there is no such threshold for CRS reportable account holders. This […]
FATCA REGULATIONS – ALL ABOUT BLOCKING OF NON-COMPLIANT ACCOUNT HOLDERS
In a meeting held on 5th June 2017, CBDT (Nodal Authority) gave a final deadline and finer definitions on what is to be blocked, when it will be fully effective and all; let us examine what really is the ground level situation in case of account holders on-boarded under the Alternate Procedure. 2. What is […]
“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 […]
FINANCIAL SERVICES – TECHNOLOGY TRENDS IN 2016
Financial Services industry is at the cross roads of the ‘next era of digitization’ as more and technology advancements stand in queue for acceptance. Banking domain, specifically, has always been open to technology inclusions in their product, services and process activities in its quest to enhance customer experience and thus their bottom lines. Over the […]