{"id":888,"date":"2024-12-17T23:41:32","date_gmt":"2024-12-17T23:41:32","guid":{"rendered":"https:\/\/exyge.com\/project\/fatca-crs-common-reporting-standard-xml-reporting-for-financial-institutions\/"},"modified":"2025-03-20T23:45:58","modified_gmt":"2025-03-20T23:45:58","slug":"fatca-crs-common-reporting-standard-xml-reporting-for-financial-institutions","status":"publish","type":"project","link":"https:\/\/exyge.com\/en\/project\/fatca-crs-common-reporting-standard-xml-reporting-for-financial-institutions\/","title":{"rendered":"FATCA & CRS (Common Reporting Standard) XML Reporting for Financial Institutions"},"content":{"rendered":"\n

At EXYGE<\/strong>, 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)<\/mark><\/strong>, ensuring that their reports to tax authorities are accurate, efficient and delivered in accordance with the required technical requirements.<\/p>\n\n

\n\n
\"\"<\/figure>\n\n

What is FATCA and CRS Reporting?<\/strong><\/h2>\n\n

Financial institutions in more than 120 countries <\/strong>that have signed the Mutual Assistance Convention in Tax Matters (MCAA)<\/strong> are required to report financial account information in specific and technologically complex formats (XMLs).<\/mark><\/strong> This process requires an exact interpretation of regulatory standards and the management of precise data structures<\/mark><\/strong> to avoid errors, rejections and penalties. <\/p>\n\n

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. <\/p>\n\n

Reporting standards may change from year to year<\/mark><\/strong> 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.<\/mark><\/strong> <\/p>\n\n

For this reason, at EXYGE we provide a data transformation service<\/mark><\/strong>, 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<\/mark><\/strong>, pre-validated, ready to sign and deliver. <\/p>\n\n

\n\n

How Do We Do It?<\/strong><\/h2>\n\n

At EXYGE, we work with small, medium and large financial institutions<\/mark><\/strong>, 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<\/mark><\/strong>.<\/p>\n\n

    \n
  1. Simplified and Adaptable Templates<\/strong>\n