Temenos Common Reporting Standards (CRS)
Designed to meet the requirements of Tax and Compliance professionals. Temenos CRS module helps financial institutions of all sizes reduce risk and reduce costs associated with manual compliance processes.
Why Temenos CRS
Temenos CRS solution provides a fully integrated product solution including determination and reporting the financial account information of account holders identified as tax residents in other participating jurisdictions. Reports are provided in standard AEoI format with the ability to customize for country-specific derivations
Fully automated complete Common Reporting Standard (CRS) solution
Solution enables user to automate the entire CRS process from Client Identification, Due Diligence and Reporting, in line with Automatic Exchange of Information (AEoI) requirements and in accordance with the regulation’s timelines.
Exhaustive & detailed due diligence process
Examines existing accounts to determine reportable accounts and client classification, including controlling persons for entities, by reviewing client characteristics and processing self-certification questionnaires
Supports extensive output generation options
Provides reports in standard Automatic Exchange of Information (AEoI) xml format with the ability for the client to configure schema output to support country-specific schemas
Exhaustive & detailed due diligence process
Examines existing accounts to determine reportable accounts and client classification, including controlling persons for entities, by reviewing client characteristics and processing self-certification questionnaires
Supports extensive report generation options
Provides reports in standard Automatic Exchange of Information (AEoI) xml format and option to customize output to support specific reporting requirements of local tax authorities
Replace manual processes and reduce costs of compliance
Remove inefficiencies associated with manual processing to help banks better serve their customers and reduce the headline costs associated compliance processes.
Leading-Edge Technology
Built on Temenos Transact, it provides scalable, highly performant, best in class capabilities. Including advanced API-first technology which empowers banks to rapidly innovate, connect to ecosystems and enable developers to build their own connectivity or apps.
Product Overview
Temenos CRS fully automated end-to-end solution designed to provide Tax, Compliance and Back Office operations teams with an efficient cost-effect process for reporting the financial account information of account holders identified as tax residents in other participating jurisdictions.
The Temenos solution for CRS effectively comprises two distinct components:
Module 1 handles the Client Identification and Due Diligence and ;
Module 2 provides the Reporting component in line with (AEoI) requirements according to the regulation’s timelines.
