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Panama papers highlight the urgency: From FATCA to the OECD CRS
Global tax reporting and filing regulation has now expanded to the OECD CRS.
The CRS covers 90 jurisdictions (with implementation nuances specific to
each). The resources required to comply — in knowledge, labour, and time —
place additional burdens on already stretched operations groups in fund firms
and for their administrators. Appropriate analysis of new operational
requirements may lead firms to consider the appropriate use of technology
platforms, solely focused on meeting mandates through logic that incorporates
rule complexity and these rapidly changing regulatory reporting requirements.
Such an approach eases the regulatory burdens while simultaneously
transforming investor services for multiple purposes — in capital processing,
auditing, and data normalization. The result is cost and risk reduction.
The full article is available to institutions that have subscribed to the journal.