Jurisdictions including Jersey and Guernsey are due to perform CRS audit inspections of financial institutions, as a result of adopting the Organisation for Economic Co- operation and Development (OECD) CRS regime. Jurisdictions will also implement the European Union’s framework for Mandatory Disclosure Rules on CRS Avoidance Arrangements.

By combining their solutions - Flyingboat Tax Data Exchange and CRS Expert - Fusion Systems and Centenal aim to enable financial institutions to meet these requirements comprehensively and efficiently.

“The CRS Audit Assessment provides a call to action for financial institutions to make sure that they have robust and fit for purpose processes and staff knowledge for managing and continuously monitoring the CRS status of accounts, account holders and entity structures together with managing and mitigating the risk associated with it," Zac Lucas, Founder of Centenal Technology, said. 

"With Mandatory Disclosure requirements having a proposed 30 day reporting cycle, monitoring now more than ever needs to be a real time technological process.”

Fusion Systems Managing Director, Alan Rowe, added: “The challenges of the ever-changing regulatory regime in the finance sector can only be solved cost effectively and practically by the application of technology solutions. The best of those include AI approaches to solve the increasingly complex regulatory challenges.

“The reporting format of CRS is anything but common and it has been a particular challenge for international financial institutions which need to report to multiple jurisdictions around the world, something that Flyingboat Tax Data Exchange addresses elegantly.

"It’s important that businesses have the right solutions in place to remain compliant and provide accurate reporting, the Audit Assessment process can be expected to review whether financial institutions maintain robust and accurate data management and reporting practices.”

Pictured: Alan Rowe and Zac Lucas.