At EXYGE, we help financial institutions, savings and credit cooperatives, insurance companies of any size and other regulated entities comply with international standards and regulatory reporting requirements of FATCA (Foreign Account Tax Compliance Act) and CRS (Common Reporting Standard), ensuring that their reports to tax authorities are accurate, efficient and delivered in accordance with the required technical requirements.
What is FATCA and CRS Reporting?
Financial institutions in more than 120 countries that have signed the Mutual Assistance Convention in Tax Matters (MCAA) are required to report financial account information in specific and technologically complex formats (XMLs). This process requires an exact interpretation of regulatory standards and the management of precise data structures to avoid errors, rejections and penalties.
Due to the delicate sanctioning nature of failing to comply with this regulation, the responsibility for complying with this annual requirement usually rests with the Compliance Officer or the executive in charge of the fundraising or investment area.
Reporting standards may change from year to year and sometimes the local regulatory authority (Revenue and Taxes, Central Bank, Ministry of Finance or Superintendency of Financial Institutions) has its own variants of the standard.
For this reason, at EXYGE we provide a data transformation service, permitted by regulation to assist institutions in complying with the law, where the information is collected in an easy-to-use format (spreadsheet) and we produce the XMLs, pre-validated, ready to sign and deliver.
How Do We Do It?
At EXYGE, we work with small, medium and large financial institutions, simplifying the reporting process through solutions tailored to their size, technology and country of operation. We can meet the requirements of any jurisdiction, in any of the XML delivery variants.
- Simplified and Adaptable Templates
- We use customized spreadsheets that allow us to structure and consolidate the necessary financial information in a simple and efficient manner.
- These templates meet the technical requirements to generate XML files that meet the FATCA and CRS standards of any jurisdiction.
- Automated Generation of XML Files
- We process the information contained in the templates to transform it into validated XML files, ready to be sent to the tax authorities.
- We adapt reports to the specific regulations of each country, ensuring full compliance with local and international regulatory standards.
- Validation and Error Reduction
- We implement automatic pre-validation processes that reduce the risk of errors in XML generation, avoiding rejections or penalties by tax authorities.
- Ongoing Support and Standards Updates
- We constantly monitor regulatory changes in FATCA and CRS regulations to ensure that the solution is always up-to-date and fully compliant.
- We provide technical and operational support throughout the reporting cycle.
- Scalability for Institutions of Any Size
- We adapt our solutions to the needs of banks, insurance companies and other financial institutions, whether small, medium or large, ensuring the efficiency of the process regardless of its complexity.
Results We Deliver
- Fast and accurate generation of FATCA and CRS reports in XML formats.
- Reduction of errors and regulatory risks through pre-submission validations.
- Full compliance with international and country-specific standards.
- Simplify the process with intuitive tools and custom templates.
- Recovery of manager time in their daily tasks by having a data transformation partner.
- Saving time and costs, allowing internal teams to focus on strategic tasks.
Benefits of reporting FATCA and CRS with EXYGE
- Efficient and hassle-free compliance with global regulations.
- Guidance and assistance for institutions in their first reporting.
- Savings by not requiring internal technological development and maintenance for updates.
- Tools adapted to the technological scheme of each institution.
- Specialized support and constant updates according to local regulations.
- Reduction of the risk for penalties and errors in submitted reports.
- Forecasting and alerting to future changes in regulations and XML schema, allowing you to react in time to requirements in the following years.
At EXYGE, we transform a technical and complex process into an efficient, fast and risk-free solution, allowing financial institutions to comply with FATCA and CRS in a reliable and transparent manner.
We have more than 8 years of experience supporting Compliance Officers and Normative Reporting Officials in simplifying their regulatory compliance. Thousands of hours saved, less uncertainty, on-time compliance and safe passage when carrying out the process for the first time. We use European technology specialized in data exchange for regulatory compliance, which receives updates according to the general changes made by the OECD or the IRS in their reporting formats.
In most countries, the reporting period occurs between January and July of the year following the reporting year, which is why our data transformation service for regulatory compliance works all year round, reporting or assisting in the preparation of information for the following year.
Want to explore how to simplify your regulatory compliance? Request a video call and let’s chat!
