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CRS & FATCA Reporting Obligation Is Fast Approaching! Are You Ready?

The deadline for the annual FATCA and CRS submissions is drawing near as it is set for the 31st of May 2020 for UK financial institutions. FATCA & CRS Reporting Requirements The Foreign Account Tax Compliance Act (FATCA) requires financial institutions to report annually to their local tax authorities information on their USA clients to be passed on to the US tax administration. The Common Reporting Standard (CRS) requires financial institutions to report annually to their local tax authorities information on their clients that are tax residents of other participating jurisdictions to be passed on to the relevant tax authorities. Challenges & Risks Firms face a number of challenges and risks that need to be addressed in order to proceed with the pertinent submissions before the deadline: Challenges:  Analysis & interpretation of the requirements, which consist of over 300 pages of guidelines to read. More than 65 fields per record to complete. Complicated multilevel XML files. Different jurisdictions with each posing a different set of challenges. Risks:  Incorrect completion of CRS and FATCA submissions. Failure to meet the reporting deadline and overall requirements. Costly investment in resources to help you file the relevant submissions, which in turn may place a burden on your budget. Disruption of your daily operations. Incorrect or false submissions that may result in a withholding penalty to specific payments. How can MAP FinTech assist you? . MAP FinTech can fully support your business’ regulatory reporting needs. ΜΑΡ CRS/FATCA Reporting Service provides a user-friendly approach to receiving, validating, transforming and submitting the relevant information required under the CRS/FATCA reporting and due diligence rules. This service is delivered via our single platform Polaris, together with the rest of its reporting offerings and our team of experts’ impeccable support services. ΜΑΡ CRS/FATCA – Key Features Cost-efficient integrated reporting solutions provided under a single platform. Highly automated and scalable solution that can report as many accounts as you have. Flexible in the way it receives data, either via standard templates or raw data. Multiple reporting health checks for both content and schema and automatic filtering of erroneous entries. Automatic conversion of data to XML and separation of files based on tax residency. Submissions to various tax authorities worldwide. On-going communication with regulators to ensure the system reports reflect regulatory updates and changes.

CySEC reviews data quality of transaction reports under MiFIR

CySEC has recently carried out a review of compliance with MiFIR’s transaction reporting obligation and published its results in Circular 356. This review’s purpose was to assess the completeness and accuracy of the transaction reports submitted by reporting entities to the Transaction Reporting Exchange Mechanism (TREM). In its review, CySEC identified a number of data quality issues, which all reporting entities must take into consideration and, where necessary, take immediate corrective measures in order to remain compliant. CySEC identified the following deficiencies, among others: Failing to submit the transactions to TREM within the required timeframe (T+1); Incorrectly populating field 48 (Index Name) with the name of other financial instruments instead of an index; Using the default trading time (field 28) instead of the actual execution time; Using a default price (price = 0) when reporting their transactions, and; Applying incorrect CFI codes (field 43). CySEC also noted that many reporting entities are cancelling reports or submitting reports after T+1 without first notifying CySEC. In this respect, reporting entities are required to notify CySEC by completing and submitting the “Cancellations and Omissions Form” before proceeding with any of the below mentioned actions and await for CySEC’s response in order to proceed with the necessary corrective actions: The reporting entity will cancel erroneous reports and not resubmit them; The reporting entity will cancel erroneous reports and resubmit them; The reporting entity failed to submit reports in due time (T+1); A report was rejected and the reporting entity wishes to resubmit it after T+1, and; A transaction report was rejected and the reporting entity will not resubmit it. CySEC will continue monitoring the aforementioned areas, as well as others such as rejected transactions, clients’ identifiers, etc. How can Complyport Tech’s MiFIR Transaction Reporting Solution assist you? MAP-MiFIR Transaction Reporting is a comprehensive solution with a high level of automation and extended field validation that is designed to assist firms comply with MiFIR’s transaction and trade reporting requirements. Complyport Tech’s MiFIR Transaction Reporting solution also allows you to easily gather any relevant information to file the “Cancellations and Omissions Form” with CySEC and keep track of what needs to be reported following CySEC’s approval. MAP-MiFIR Transaction Reporting solution allows clients to enjoy a cost-efficient, integrated solution delivered via a single platform, together with the rest of Polaris’ offerings and our team of experts’ impeccable support services. Learn more about Complyport Tech’s MiFIR Transaction reporting solution here About Complyport Tech Complyport Tech is a leading and award-winning regulatory technology provider for the financial services industry, specialising in reporting solutions arising from the requirements of a number of complex and challenging international regulations such as EMIR, MiFID II/MiFIR, SFTR, FATCA and CRS. Complyport Tech also provides innovative and comprehensive solutions for Best Execution Monitoring, RTS 27/28 reporting, AI-Enabled AML Transaction Monitoring and Screening, Trade Surveillance (Market Abuse), and eKYC (Screening, eIDV, Document Authentication). For more information on our products and services, please visit our website at www.complyporttech.com or contact our team at +357 2535 1335 / +44 207 060 5540 or via email at info@complyporttech.com

Complyport Tech’s AI-Enabled AML Transaction Monitoring and Screening Solution Now Available!

Complyport Tech, a leading regulatory technology provider in Cyprus, is delighted to announce the launch of its AI-Enabled AML Transaction Monitoring and Screening Solution, now available via the firm’s powerful and award-winning Polaris platform. Complyport Tech’s AI-Enabled AML Transaction Monitoring and Screening is a trustworthy and modern solution that efficiently addresses the risk of money laundering and terrorist financing, having been designed to help firms comply with their regulatory requirements in regards to anti-money laundering (AML) and counter terrorist financing (CFT). This solution is available as part of the Polaris platform. Why is transaction monitoring important? In a Joint Opinion published in October 2019 by EBA, EIOPA and ESMA, the three main European Supervisory Authorities (ESAs), the said authorities found weaknesses in the control frameworks of financial institutions in regards to transaction monitoring and suspicious transactions reporting, especially in segments with high volumes of transactions. The ESAs also acknowledged in their opinion that the use of new technologies offers ample opportunities to better fight financial crime. The Financial Action Task Force’s (FATF) recommendations on the international standards on combating money laundering and the financing of terrorism and its proliferation provide that financial institutions, when implementing their risk-based approach, “should have in place processes to identify, assess, monitor, manage and mitigate money laundering and terrorist financing risks.” Furthermore, Article 15 of the EU’s 5th AML Directive (Directive (EU) 2015/849 amended by Directive (EU) 2018/843) provides that “Member States shall ensure that obliged entities carry out sufficient monitoring of the transactions and business relationships to enable the detection of unusual or suspicious transactions.” How canComplyport Tech assist you? Complyport Tech’s AI-Enabled AML Transaction Monitoring and Screening Solution allows you to monitor your customer transactions on a daily basis or in real time to detect suspicious activity. Our solution provides organisations with an in-depth analysis of customer profiles, risk levels and activity by aggregating and analysing customers’ historical information, account profiles and actual transactions. Our tool can also perform real-time sanctions and blacklist screening of transactions prior to execution. Complyport Tech’s AI-Enabled AML Transaction Monitoring and Screening allows clients to enjoy a cost-efficient, integrated solution delivered via a single platform, together with the rest of Polaris’ offerings and our team of experts’  impeccable support services. Learn more aboutComplyport Tech’s AI-Enabled AML Transaction Monitoring and Screening Solution  here AboutComplyport Tech Complyport Tech is a leading and award-winning regulatory technology provider for the financial services industry, specialising in reporting solutions arising from the requirements of a number of complex and challenging international regulations such as EMIR, MiFID II, MiFIR, FATCA and CRS. Complyport Tech also provides innovative and comprehensive solutions for Best Execution Monitoring, RTS 27/28 reporting, AI Transaction Monitoring and Screening (AML), eKYC (Screening, eIDV, Document Authentication), Trade Surveillance (Market Abuse), and SFTR. For more information on our products and services, please visit our website at www.complyporttech.com or contact our team at +357 2535 1335 / +44 207 060 5540 or via email at info@complyporttech.com

Complyport Tech’s Trade Surveillance Solution Now Available!

Complyport Tech, a leading regulatory technology provider in Cyprus, is pleased to announce the launch of its Market Abuse Trade Surveillance Solution, now available via the firm’s powerful and award winning “Polaris” platform. Complyport Tech Trade Surveillance is a comprehensive post-transaction analysis solution designed to help firms comply with their regulatory requirements in regards to market abuse, and in particular, insider dealing and market manipulation. The Cyprus Securities and Exchange Commission (CySEC) has recently notified Cyprus Investment Firms (CIFs) regarding their obligation to prevent and detect market abuse, urging them to run effective systems and procedures to identify and report suspicious transactions as well as assign their internal auditors with the completion of an ad-hoc report. Furthermore, the UK’s Financial Conduct Authority (FCA) has recently updated their market abuse obligations, requesting firms to set up safeguards to identify and reduce the risk of market abuse and other financial crimes. FCA considers preventing, detecting and punishing market abuse as a high priority. Moreover, the most recent results of ESMA’s STOR Peer Review have shown that regulators need to do more in regards to market abuse. Hence, regulatory oversight and enforcement over market abuse is expected to be tightened. How can Complyport Tech assist you? Being able to prevent and detect market abuse infringements has never been more important for investment firms. Complyport Tech’s Trade Surveillance Solution ensures that your firm keeps up to date with the latest regulations and updates, helping you meet the changing regulatory requirements on market abuse. Complyport Tech’s Trade Surveillance allows clients to enjoy a cost-efficient integrated solution delivered via a single platform, while receiving the impeccable support services offered by our team of experts. Learn more about Complyport Tech’s Trade Surveillance Solution  here About Complyport Tech Complyport Tech is a leading and award-winning regulatory technology provider for the financial services industry, specialising in reporting solutions arising from the requirements of a number of complex and challenging international regulations such as EMIR, MiFID II, MiFIR, FATCA and CRS. Complyport Techh also provides innovative and comprehensive solutions for Best Execution Monitoring, RTS 27/28 reporting, AI Transaction Monitoring and Screening (AML), eKYC (Screening, eIDV, Document Authentication), Trade Surveillance (Market Abuse), and SFTR. For more information on our products and services, please visit our website at www.complyporttech.com or contact our team at +357 2535 1335 / +44 207 060 5540 or via email at info@complyporttech.com

COVID-19: Complyport Tech Client Update

Further to the recent developments and in compliance with the measures taken by the Cyprus Government to prevent the spread of Coronavirus (COVID-19), we would like to reassure you that Complyport Tech has taken all the necessary precautionary measures to mitigate risk and safeguard the health and well-being of all stakeholders – clients, associates and personnel. Complyport Tech has a robust business continuity and contingency plan which has now come into effect and as such our offices remain open and continue operating normally during office working hours 09:00-18:00, ensuring that our clients receive the highest level of services as usual. The safety and health of our stakeholders is of the utmost importance and we have taken all necessary measures to safeguard them, such as introducing policies for non-face to face meetings and implementing remote and flexible working arrangements to facilitate smooth business operations. We will be closely monitoring the developments regarding the Coronavirus (COVID-19) and update our measures and policies as needed. Hope you are all staying safe and healthy!

Vote for Complyport Tech at the iFX EXPO Asia Awards!

We are happy to announce that Complyport Tech, a leading and award winning Regulatory Technology provider in Europe, is nominated for the Best RegTech Reporting Solution category at the iFX EXPO Asia Awards, which will take place 18-20 February in Macao. First round of voting is open until 24 January 2020 to all the registered attendees of the iFX EXPO Asia 2020. We would be grateful to have your support! About Complyport Tech Complyport Tech is a leading and award-winning regulatory technology provider for the financial services industry, specialising in reporting solutions arising from the requirements of a number of complex and challenging international regulations such as EMIR, MiFID II/ MiFIR, FATCA and CRS. Complyport Tech also provides innovative and comprehensive solutions for Best Execution Monitoring, RTS 27/28 reporting, AI Transaction Monitoring and Screening (AML), eKYC (Screening, eIDV, Document Authentication), Trade Surveillance (Market Abuse) and the forthcoming SFTR. For more information on our products and services, please visit our website at www.complyporttech.com  or contact our team at +357 2535 1335 / +44 207 060 5540 or via email at info@complyporttech.com

Are you reporting correctly? CySEC imposes administrative fines on CIFs that have failed to comply with EMIR Regulation (EU) no. 648/2012

Over the past few years, the Cyprus Securities and Exchange Commission (CySEC) has issued several circulars and consultations that have set a stricter regulatory framework for CIFs. CySEC has also taken significant measures, including on-the-spot checks and inspections, to make sure all regulated entities are in full compliance with these rules. In light of the recent fines imposed by CySEC on non-compliant firms, we would like to stress the need for all regulated entities to have in place a system that carries out continuous monitoring, reporting and health checks at all times. How can Complyport Tech assist you? Complyport Tech, can help your organization ensure quality data, benefit from automated reporting solutions, enjoy exceptional support, and rely on experts to keep up to date with changes to the regulatory framework. With this in mind, we have developed the Polaris Platform, a fully automated, cost-efficient, tailor-made and unique solution that provides our clients with peace of mind and allows them to concentrate on what they do best while remaining compliant at all times. About Complyport Tech Complyport Tech, is a leading and award-winning regulatory technology provider for the financial services industry, specialising in reporting solutions arising from the requirements of a number of complex and challenging international regulations such as EMIR, MiFID II, MiFIR, FATCA and CRS. Complyport Tech also provides innovative and comprehensive solutions for Best Execution Monitoring, RTS 27/28 reporting, AI Transaction Monitoring and Screening (AML), eKYC (Screening, eIDV, Document Authentication), Trade Surveillance (Market Abuse), and the forthcoming SFTR. For more information on our products and services, please visit our website at www.complyporttech.com or contact our team at +357 2535 1335 / +44 207 060 5540 or via email at info@complyporttech.com

Complyport Tech Named as One of the 100 Best RegTech Companies in the World for 2020

Complyport Tech is thrilled to be named as one of the 100 Best RegTech companies for 2020 by the specialised research firm RegTech Analyst in its third annual RegTech100 list. Complyport Tech made the 2020 list after being voted one of the 100 most innovative RegTech companies in the world from a selection of over 1000 companies. This edition of the RegTech100 list, which includes the world’s most forward-thinking technology solution providers, identified companies for their “innovative use of technology in solving a significant industry problem or in generating cost savings or efficiency improvements across the compliance function.” Panayiotis Omirou, CEO of Complyport Tech, said: “We are very pleased to be included in this list of the world’s top 100 most innovative RegTech firms. This is a great achievement for Complyport Tech and an enormous recognition of our commitment to continuously provide exceptional and unique regulatory technology solutions to our clients and partners. We aim to continue providing best-in-class technology and innovative RegTech solutions that enable our clients to meet their regulatory reporting requirements and achieve best results.” About RegTech100 The RegTech100 is an annual list of 100 of the world’s most innovative RegTech companies selected by a panel of industry experts. These are companies that all financial institutions need to be aware of as they develop their important RegTech and digital transformation strategies. About Complyport Tech Complyport Tech is a leading and award-winning regulatory technology provider for the financial services industry, specialising in reporting solutions arising from the requirements of a number of complex and challenging international regulations such as EMIR, MiFID II/ MiFIR, FATCA and CRS. Complyport Tech also provides innovative and comprehensive solutions for Best Execution Monitoring, RTS 27/28 reporting, AI Transaction Monitoring and Screening (AML), eKYC (Screening, eIDV, Document Authentication), Trade Surveillance (Market Abuse) and the forthcoming SFTR.

Complyport Tech Wins Best RegTech Reporting Solution Award at the Finance Magnates London Summit 2019

We are very excited and proud to announce that Complyport Tech was awarded the Best RegTech Reporting Solution Award at the Finance Magnates London Summit 2019. Via a multi-stage voting process, industry peers selected Complyport Tech as the leading Regulatory Technology Reporting Provider offering the best Regulatory Technology Reporting solutions. Commenting on the award, Panayiotis Omirou, CEO of Complyport Tech said: “We are thrilled and grateful to be recognised by the industry as the Best RegTech Reporting Provider for 2019. This award is an absolute recognition of our commitment to continuously provide exceptional and innovative solutions to our clients and partners and an acknowledgment of our team’s hard work. We continue to deliver best-in-class regulatory reporting technology services with the same passion and a relentless commitment to innovation, integrity and excellence.” About Complyport Tech Complyport Tech is a leading regulatory technology provider for the financial services industry, specialising in reporting solutions arising from the requirements of a number of complex and challenging international regulations such as EMIR, MiFID II/ MiFIR, FATCA and CRS. Complyport Tech also provides innovative and comprehensive solutions for Best Execution Monitoring, RTS 27/28 reporting, AI Transaction Monitoring and Screening (AML), eKYC (Screening, eIDV, Document Authentication), Trade Surveillance (Market Abuse) as well as for the forthcoming SFTR.