GATCA Logo


THE CHALLENGES

The Organization for Economic Cooperation and Development (OECD) issued global standards for the automatic exchange of information between tax authorities in early 2014 known as Common Reporting Standards (CRS). Accordingly, relevant authorities require that all local reporting Financial Institutions (FIs) identify their reportable clients and carry out periodical reporting on the identity of residents of other member states. In order to do so, each FI is required to classify its clients, and identify reportable customers, in an effort to comply with CRS or what has become known as GATCA regulations.

When released, GATCA/CRS created several challenges for financial Institutions. In addition to the regulation’s complexity, considering the need for changing information with multiple tax jurisdictions, and the lack of technology resources, many FIs faced issues integrating internal systems with the global standards, identifying the regulatory impact on their existing accounts, and adhering to stringent implementation timelines.   en.SafeWatch GATCA helps FIs overcome these considerable challenges and make required data available for compliance monitoring and reporting obligations.

THE SOLUTION

Leveraging its long standing expertise in the area of compliance for the financial services industry and its expertise with FATCA applications, EastNets has developed en.SafeWatch GATCA to help Financial Institutions simplify their GATCA Compliance obligations and overcome the challenges in meeting them in a timely and cost effective manner. en.SafeWatch GATCA application provides a powerful tool to identify, classify and fulfill Common Rules Standards (CRS) and reporting obligations. Financial Institutions are able to easily send timely required reports to the local dedicated competent authorities, and when it comes to the final step of reporting, en.SafeWatch. GATCA offers a simple and user-friendly tool that facilitates the automatic generation of reports required by the competent authorities in each country. en.SafeWatch GATCA allows the user flexible reporting by entering the information automatically into the application and easily importing it from any data source.


KEY FEATURES 

  • A User-Friendly Customer Classification Capability
  • Enriched Repository
  • Automatic Yearly Aggregations for Reportable Payments
  • GATCA/CRS XML Report

Download Brochure

 Contact us for more information or to schedule a demo today.

 
© EastNets.com - en.abling confidentiality | Privacy Policy | Terms of Use