When the Organization for Economic Cooperation and Development (OECD) issued its global standards for the common exchange of information between tax authorities in 2014 – known as the Common Reporting Standards (CRS) – it created a number of challenges for financial institutions (FIs). These regulations – which are now commonly referred to as GATCA regulations – were increasingly more complex than the previous regulatory framework, and have forced FIs to resort to costly technological upgrades in order to integrate their internal systems with global standards, all within pressing implementation timelines.
en.SafeWatch GATCA allows financial institutions to seamlessly overcome the challenges of GATCA regulations in a quick, easy, and cost-effective manner. This simple, user-friendly solution lets users automatically aggregate all reporting requirements, with flexible reporting options and user-friendly customer classification capabilities. Data can be imported from any source, meaning that FIs can resolve all their GATCA reporting issues from a single interface.