Fenergo Enriches CRS Compliance Solution with Enhanced Rules & Remediation
Fenergo, the leading provider of Client Lifecycle Management solutions, has today announced the launch of an enhanced version of its Fenergo Tax Compliance solutions with richer rules content, remediation and reporting functionality to reduce operational overheads and improve global compliance with tax regulations.
Fenergo’s Tax Compliance suite provides a rules-driven process to identify reportable accounts and perform due diligence for every client and account, providing data capture and classification obligations for CRS and FATCA .
Currently being implemented by a number of clients, the enhanced solution addresses a number of specific challenges posed by CRS for financial institutions. Fenergo’s Regulatory Rules Engine has been updated to incorporate intricate jurisdictional-specific rules that ensure complete CRS compliance with all nuances of implementation of CRS for each country.
“Where FATCA was the game changer in tax compliance, the Common Reporting Standard promises to go way beyond FATCA’s remit to ensure global-wide tax compliance,” explains Laura Glynn , Fenergo Global Manager of Regulatory Affairs. “The global lack of harmonization of rules is worrying for financial institutions. Asia, in particular, poses an acute challenge given the fact that they must ensure compliance with 40+ regulators across the region. This is a huge operational undertaking forcing financial institutions to be able to manage each of the rules from every jurisdiction. Even where no obligation to report exists, accounts may still require reporting by the local tax authority to other tax jurisdictions. Therefore, CRS classification needs to be known for this purpose and extend to all accounts and entities”.
With the biggest CRS operational burden expected to be in the remediation and classification of pre-existing accounts, Fenergo has enhanced its rules-driven Remediation Master Case Management and Workflow functionality, designed to simplify the remediation process and maintain and track an easily identifiable subset of entity remediation cases through to completion. The solution is capable of re-using data and documentation collected for other purposes (e.g. KYC , FATCA ), which speeds up the time it takes to achieve tax compliance with CRS , and, ultimately, onboard clients faster. “Financial institutions are looking for a trusted partner that will help them comply with all global tax requirements efficiently as possible, added Glynn. “With a team of regulatory analysts actively tracking the changing regulatory and tax landscape, in addition to guidance from our client regulatory forums, Fenergo translates this data into real value-added solutions. Fenergo’s latest enhancements in our Tax Compliance suite of solutions are designed to remove the complexity of tax compliance and provide financial institutions with a roadmap that future-proofs them against future changes”.
Fenergo’s latest whitepaper, CRS: Remediation & Reporting, can be downloaded from its website www.fenergo.com .
- Ends –
About Fenergo ( www.fenergo.com ):
Fenergo is a leading provider of Client Lifecycle Management software solutions for investment, corporate and private banks. Its solutions help institutions to efficiently manage the end-to-end regulatory onboarding and entity data management processes. Its rules-driven solution ensures compliance with multiple regulatory frameworks and supports the collection, centralization and sharing of client and counterparty data and documentation across the institution. By expediting compliance and improving operational efficiencies, Fenergo’s solutions can onboard clients faster, improve time to revenue and overall client experience. Fenergo’s recent accolades include: Best Compliance Product (Sell-Side Technology Awards 2016), FinTech Forward Company to Watch (American Banker, 2015), Chartis RiskTech100® (2016 and 2015) and Best Enterprise Data Management Initiative (Inside Reference Data, 2014).
Information om Business Wire
101 California Street, 20th Floor
CA 94111 San Francisco
Følg pressemeddelelser fra Business Wire
Skriv dig op her og modtag pressemeddelelser på mail. Indtast din mail, klik på abonner og følg instruktionerne i den udsendte mail.
Flere pressemeddelelser fra Business Wire
SEOUL-SEMICONDUCTOR23.3.2018 19:30 | pressemeddelelse
Seoul Semiconductor’s SunLike Series LEDs Win Product of the Year Award from Elektronik Magazine
ELLIOTT-MANAGEMENT-CORP23.3.2018 17:07 | pressemeddelelse
Elliott Welcomes Imminent Bezeq Board Overhaul and New Era for Strong Independent Governance
CO-CLOVIS-ONCOLOGY-INC23.3.2018 13:54 | pressemeddelelse
Clovis Oncology Initiates Early Access Program for Rucaparib as Treatment and as Maintenance Therapy in Recurrent Ovarian Cancer in Europe
CO-CLOVIS-ONCOLOGY-INC23.3.2018 13:52 | pressemeddelelse
CHMP Grants Positive Opinion for Clovis Oncology’s Rubraca® (rucaparib) Tablets
JANSSEN23.3.2018 13:48 | pressemeddelelse
Janssen Announces Positive CHMP Opinion for JULUCATM▼ (dolutegravir/rilpivirine)
AITHEON23.3.2018 13:02 | pressemeddelelse
Aitheon Executives Educate World Leaders on Benefits, Challenges of AI at the Annual World Government Summit in Dubai
I vores nyhedsrum kan du læse alle vores pressemeddelelser, tilgå materiale i form af billeder og dokumenter, og finde vores kontaktoplysninger.Besøg vores nyhedsrum