Frequently Asked Questions
We support, guide and advise TCSPs so they feel confident, achieve compliance, and spend less time and energy on AEOI requirements.
FAQ: CRS & FATCA Classification and Compliance Services
This FAQ is designed to help you understand the key aspects of our CRS & FATCA Classification and Compliance services. We work with professionals in the Trust & Corporate Services sector as well as Family Offices for high-net-worth (HNW) and ultra-high-net-worth (UHNW) private clients, providing both consulting and outsourced solutions.
General Questions
CRS (Common Reporting Standard) and FATCA (Foreign Account Tax Compliance Act) are international tax regulations that aim to increase tax transparency by requiring financial institutions to report financial account information.
CRS is a global standard for the automatic exchange of information (AEOI) developed by the OECD, while FATCA is specific to the U.S., targeting U.S. taxpayers holding financial accounts abroad.
Both frameworks work to ensure compliance and transparency, but the regulations, reporting requirements, and affected jurisdictions vary between CRS and FATCA. We can align with your jurisdiction’s requirements.
We are highly specialised in providing CRS and FATCA classification and compliance services to Trust and Corporate Service Providers and Family Offices managing the assets of HNW and UHNW individuals.
We also serve financial institutions, asset managers, and other intermediaries who are required to comply with CRS and FATCA.
We offer a range of services, including:
Classification of entity accounts to determine their CRS/FATCA status. We specialise in both ad-hoc classifications and long-term outsourced services.
We can recommend trusted partners for data sorting, validation and submission in terms of reporting.
Consulting services to guide you through regulatory obligations, ensuring full compliance.
CRS and FATCA Health Checks to provide compliance reviews, monitoring and support for audits from local competent authorities.
Yes, we provide both consulting services and outsourced solutions.
Consulting: Our team can advise your organisation on how to structure your reporting processes to meet CRS and FATCA requirements.
Outsourcing: For clients looking for a hands-off solution, we offer fully outsourced classification and reporting services.
We tailor our approach based on your needs – whether you require a one-time classification, ongoing compliance support, or assistance during audits.
Classification and Reporting Questions
Pricing is tailored to the complexity and volume of work involved. While we do offer standard packages for typical classification services, the costs can vary based on:
– The number of entities to be classified.
– The volume of financial data.
– Ongoing compliance needs versus one-off classifications.
Please contact us directly for a custom quote based on your specific requirements.
We offer both ad-hoc classifications and we will classify whole books of business.
Ad-hoc classifications are ideal if you need to classify only a small number of entities for a specific reason, such as new entities onboarded during the reporting period, or for certain high-priority and/or complex cases.
We also offer a complete outsourced solution for the classification of whole books of business.
Our outsourced CRS and FATCA classifications are now provided through Classifi, a new digital platform developed by the Reporting Services team to make classification faster, more consistent, and fully auditable. If you’d like to book a demo of the software, please head here and choose convenient date for your schedule.
Typically, we require the past three years data (or since the inception of the client entity if sooner) for classification purposes. This allows us to accurately assess the entity’s status under both CRS and FATCA.
Classification and Auditing Questions
Yes, all of our CRS and FATCA reports are fully auditable. We maintain comprehensive documentation for every classification and report we generate, ensuring that your organisation is well-prepared for any regulatory audits.
Our processes align with the latest standards, and we can assist you during any audits if required.
Our team continuously monitors updates to both CRS and FATCA regulations. This allows us to keep your classifications and reporting processes compliant with the latest rules.
Additionally, we offer CRS & FATCA Health Checks to ensure our clients are aligned with the latest updates.
Yes, we provide support during audits. Our team can review your existing classifications, prepare the necessary documentation, and help you address any queries from the competent authority. Whether the audit relates to past reports or ongoing compliance, we offer tailored support to ensure your organisation meets all requirements.
We can also liaise with the local competent authority to provide any background in relation to queries that they may raise.
Consulting and Support Questions
Our consulting services cover a wide range of areas, including:
Policy development: Helping you implement internal policies to streamline reporting and classification.
General consulting: Working alongside you to resolve complex business situations in terms of CRS and FATCA reporting.
Audit preparation: Ensuring your organisation is ready for any compliance audits.
Yes, we provide support to organisations looking to establish in-house reporting processes. This can include:
– Setting up processes to gather the required financial data.
– Implementing workflows that ensure timely and accurate reporting.
– Training staff on classification and compliance obligations.
Our aim is to help you develop a self-sustaining compliance process that minimises risk and ensures ongoing adherence to both CRS and FATCA requirements.
To get started, simply contact us through our Contact Page or by emailing us at admin@reporting-services.co.uk.
We’ll set up an initial consultation to discuss your specific needs and provide a custom service package based on your compliance requirements.
If you have additional questions or would like more detailed information about our CRS & FATCA services, please don’t hesitate to reach out. Our team is here to support your compliance efforts with expert guidance and tailored solutions.