Temenos Regulatory Compliance

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

Implementation strategies

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 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

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

Man looking at financial results

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.

people walking through an office

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.

Fully automated end-to-end solution

Temenos CRS significantly reduces inefficiencies and costs associated with manual processes

Flexible Component based implementation

Modular design enables ‘progressive renovation’ by providing option to implement in phases as client requires

Customize reports to local jurisdictional requirements

Temenos CRS supports xml file in the AEoI reporting format required by local tax authorities and the ability to customize output to support country specific derivations

Tax/Regulatory solutions for global compliance

Temenos CRS solution is part of the Regulatory Compliance product suite providing complimentary Tax and compliance solutions to support our global client base