SIX Financial Information has launched a new Common Reporting Standard (CRS)/ Automatic Exchange of Information (AEoI) data service, enabling financial institutions to meet the requirements which are being phased in from June 2017. The SIX CRS/AEoI service identifies CRS-reportable client income by flagging relevant corporate actions, simplifying resource-intensive data cleansing and alleviating the annual reporting burden for organisations. The service is commercially available from April, with retrospective data available from 1 January 2017.
Under the agreement, member states of the OECD have agreed to the automatic exchange of information regarding individuals with accounts outside their tax residence, following a common reporting standard. Wave one countries, including Germany, France and the UK, will exchange information for the first time in 2017. A further 47 jurisdictions in wave two are committed to start exchanges in 2018, including Switzerland, Australia and Canada.
Robert Jeanbart, Divisional CEO of SIX Financial Information, said: “CRS requires institutions to have detailed knowledge of the instruments and transactions that trigger reporting obligations. By making it easier for our clients to implement compliance processes, this new offering is an example of how we are using our expertise in corporate actions and regulatory data as the basis for innovative services that solve new industry challenges.”
Jeanbart continued: “This new service allows firms to rely on us as a single source for complete, reliable and audit-ready tax content, so they can focus on keeping their business running.”