To help you understand what the changes mean for you, we'd like to offer you the opportunity to discuss your FATCA and CRS reporting process. We have identified a number of key questions you might want to consider, depending on your process. Key considerations include:
- In-house solution and team – Can you keep up with the changes made not just to the reporting criteria but also the underlying technical requirements of the schema? With big gaps between each annual reporting effort, do staff need to retrain? If you use free government-supplied software, has this reached a tipping point where it is too manually intensive for your reporting needs?
- Outsourced partner – Has your inhouse team developed sufficient experience from providing and reviewing data over the past six years to make it worth considering taking the work inhouse?
- Insourced software – Do you have confidence that the software will be updated to accommodate the new schema? Does the software support your processes and can it help your personnel review data to ensure it is complete, thereby minimising the risk of having to correct it later?
To review your FATCA and CRS reporting and to find out how Alphacat can help, please fill in the form below and we'll come straight back to you.