Over 130 jurisdictions have begun reporting on the OECD Common Reporting Standard (CRS) in the last few years, and as a result many have built robust and effective CRS frameworks.
However, the ongoing COVID-19 pandemic and consequential economic downturns, has brought tax transparency and tax reporting to the forefront, making it more important than ever for governments to use data from tax transparency initiatives to mobilize tax revenues and combat tax evasion.
In response to this, major initiatives from the OECD over the last year, include its first Peer Review - conducted on the legal frameworks of the 100 jurisdictions that committed to exchanging information from 2017 or 2018 - and the Guide on Promoting and Assessing Compliance.
Additionally, the Global Forum has commenced its reviews on the effectiveness of the implementation of the CRS amongst these jurisdictions and expects to publish the results in 2022. Whilst the Compliance Guide highlights the areas of focus as it pertains to any future reviews or audits.
In general, one might say that CRS keeps financial institutions busy, no matter if countries have already joined CRS in the past or if they are going to join soon.
In this executive roundtable we would like to dive deep into the operational challenges that financial institutions are facing, lessons learned from the various experiences, and the future trends and strategies to build a long-term compliance programme.
Arif is a segment manager with Standard Chartered, assisting business units in the group to ensure front-to-end processes are in line with the AEoI regimes. After being involved in the FATCA and CRS space in Ernst & Young and the Inland Revenue Authority of Singapore (IRAS), he brings an appreciation of both the business and regulatory requirements in this field. As a consultant with Ernst & Young, he advised on the implementation of AEoI requirements and reporting for financial institutions. With IRAS, he drafted the IRAS CRS Compliance Guidelines, designed and executed compliance review programs and participated in policy discussions with the Organisation for Economic Co-operation and Development (OECD) on tax transparency developments internationally.
Bella has over 20 years of experience in the financial industry and is at the forefront of regulatory and compliance digital transformation. She started her career as a trader and subsequently moved into myriads of business focused areas with firms like Reuters, SWIFT network and Markit; aiming to bridge the gap between data, regulatory, compliance and the financial market ecosystems.
Vishnu has 6 years’ experience in regulatory compliance technology. He specializes in helping Financial Institutions leverage innovative technology solutions to solve for regulatory compliance requirements, including that of tax compliance regimes such as FATCA, CRS and QI.