Minimize client outreach and implement consistent processes
Universal compliance with FATCA and CRS regulations can be complex and challenging. D&B Compliance FATCA & CRS Classifier reduces time to classify clients.
Perform due diligence or ‘reasonableness check’, by verifying the details held or being on-boarded for the client against locally available public data.
Classify the client by different European or global categories, for both FATCA and/or CRS compliance.
Monitor change in circumstance for each classification type.
Classify and remediate large batches of pre-existing entity account holders.
Manage newly on-boarded clients and pre-existing clients with appropriate audit trail and date/time stamping.
Process new clients in just a few clicks. Instant classification delivers near real-time on boarding.
How It Works
The solution has been developed in collaboration with leading corporate tax advisory specialists to adhere to inter-government agreements (IGAs) and adapt to evolving European and global compliance regulations. The easy-to-use, portal-based classifier incorporates D&B's global business information database, spanning more than 250 million entities. This allows Financial Institutions (FIs) to classify their pre-existing accounts for FATCA and CRS based on locally available public data. An audit trail is provided on the client portfolio, which can be monitored for changes in circumstances, ensuring FIs maintain ongoing compliance with reporting deadlines.