Get a Quote

CRS Reporting

An automated CRS reporting solution delivered through MAP FinTech, Complyport’s award-winning RegTech platform. 

Relevant Regulation: Common Reporting Standard (CRS) 

Start date: 1 January 2016

Regulatory Type: Regulatory reporting

Types of firms affected: Firms with reportable accounts such as banks, investment firms, E-Money, Fiduciary providers and others

Supervisory authority: Tax authorities

Frequency of reporting: Yearly

CRS Reporting Service

The Common Reporting Standard (CRS) requires financial institutions to report annually to their local tax authorities information on clients who are tax residents of other participating jurisdictions. This information is then passed on to the relevant tax authorities. Complyport delivers its CRS Reporting Service through MAP FinTech, its award-winning RegTech platform, helping firms prepare, validate and submit their CRS reports accurately and efficiently. 

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 reporting
  • Failure to meet the reporting deadline and overall requirements
  • Costly investment in resources to help you file the relevant submissions, which 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

Key Features

  • Cost-efficient integrated reporting solution provided under a single platform
  • Highly automated and scalable solution that can report as many accounts as you have
  • 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
Complyport receives reportable information, constructs the CRS annual report, and, for most countries, submits it to the relevant competent authority as prescribed by the relevant provisions of CRS.

Powered by MAP FinTech

Manage your EMIR reporting through MAP FinTech, Complyport’s award-winning RegTech Platform. The platform supports the reporting lifecycle within one centralised environment, helping firms improve data quality, automate processes and maintain greater oversight of their regulatory obligations.  

Discover MAP FinTech Platform →

Get In Touch