The solution for the CRS reporting
Automatic Exchange Of Information (AEOI) requires to report banks account between tax authorities. CRS, Common Reporting Standard, is the model used to deliver such reporting.
Since some years, Best Vision has been supporting banks institutions in their CRS reporting with a solution aimed to reduce the time for reporting and the risks of errors. Our offer includes:
- a software that prepares for them the XML file necessary for reporting
- a back-office service that supports customers in their preparatory activities
- compliance consulting services
To whom our Services are intended?
All financial institutions of jurisdictions participating OECD countries.
The solution offered is proposed to manage easily, safely and in no time the CRS reports of our Clients. The tool is designed to cover reporting for all financial institutions of jurisdiction with an automatic information exchange agreement.
Best Vision takes care of keeping the solution up to date, both from the regulatory point of view, taking into account all the changes that have occurred, and managing the aspects of information security according to the highest technological standards.
Our Clients always find the latest version of the software online, and it will always be ready for their reports. The only thing needed to use the software is an excel file containing the relevant information. The reporting file, XML, will be automatically created in accordance with the latest updates in the country of residence of the financial institution.
The advantage for the customer is to have a reliable, easy-to-use and always updated tool.
Available software modules
- CRS FORM module, for the generation of XML in accordance with the standard of each participating OECD country.
- FATCA FORM module, for reporting XML FATCA
- RECO QI form, to reconcile QI-depository payments
- QI FORM module, for the automatic generation and verification, PDF and TXT, of modules 1042 and 1042-s
We offer our customers the possibility to outsource all or part of the activity. We offer the possibility to use our specialized staff for the activities of:
- Data and documentation check
- Reporting management
- Support for internal/external audits
The activity is carried out remotely or onsite at the customer’s premises.
The Service is particularly useful for handling peak workloads, as well as the lack of dedicated staff on the part of the Client.
Compliance Consulting Service
We have the best tax professionals to offer our Clients precise and quality reply to their needs on CRS. Our experts are also competent in the field of QI and FATCA, for a correct international reporting of banking accounts.
We are mainly being hired by our Clients to assist them in:
- Clients documentation management
- Training of internal employees
- health-check of CRS compliance
The domain of the consultancy is defined together with our Clients, to be extremely effective and efficient in terms of costs and timing.