In the last few years, over 130 jurisdictions have begun reporting on the OECD Common Reporting Standard (CRS). With a robust and effective CRS framework now in place, we take time out to reflect on the progress, current challenges and what the future holds for this tax reporting regime across markets. The goal was to increase the fiscal transparency of cross-border wealth management and combat offshore tax evasion. However, CRS has kept financial institutions really busy and being compliant with CRS requirements means a major increase in reporting requirements for financial institutions.
So, what is the status quo of the tax transparency initiative? What are the challenges that new joiners are facing? And looking retrospectively, how successful has the CRS been so far? Are there specific learnings from the past years which can be shared with new joiners when it comes to software or project management? Are there best practices of implementing CRS requirements together with other compliance practices?
These are some of the questions we addressed in our complimentary webinar "CRS – Status Quo and the Way Forward" in partnership with Connect Global Group. The RegTech expert panel with representatives from CITIC CLSA Group, Nomura, Standard Chartered and BearingPoint RegTech discussed:
CRS, Compliance Best Practices and the way forward
Bella has over 20 years of experience in the financial industry and is at the forefront of regulatory and compliance digital transformation. She started her career as a trader and subsequently moved into myriads of business focused areas with firms like Reuters, SWIFT network and Markit; aiming to bridge the gap between data, regulatory, compliance and the financial market ecosystems.
Avichal Agrawal (Avi), Executive Director and Responsible Officer (RO) of CITIC CLSA Group, currently heads the FATCA CRS tax compliance at the group, which is a capital markets and investment group operating in over 20 top financial centres including US, Europe, UK, China, Japan, Hong Kong, South Korea, Singapore, ASEAN, India and Australia. Avi is a subject matter expert in tax transparency regimes including FATCA / IGAs, CRS, LEIs; US CH3, QI, DTAA and international tax withholding. He is also a leader in regulatory compliance including Financial Crime Compliance (AML, KYC, COB, FATF) and Central Compliance (PAD, OBI, Declarations, Training, etc). He has rich experience in reviewing, withholding and reporting for all the client structures as well as the investment structures managed by CITIC CLSA group.
Tom Toryanik has more than 20 years of professional experience in international taxation, accounting and finance, with more than 10 years of working in the Financial Services industry in Australia and Singapore. He used to dealing with complex direct and indirect taxation matters, transfer pricing and operational taxes, while managing teams regionally and closely working with senior business stakeholders. As an example, he has successfully managed a number of complex tax audits across the region, dealt with taxation issues related to large M&A transactions throughout the entire cycle of the transactions, overseen the implementation of GST in Malaysia by a banking subsidiary, was closely involved in the design and implementation of cost and revenue TP policies, and advised large banking groups on the implementation and compliance reviews of CRS/FATCA/QI policies and processes.
Arif is a segment manager with Standard Chartered, assisting business units in the group to ensure front-to-end processes are in line with the AEoI regimes. After being involved in the FATCA and CRS space in Ernst & Young and the Inland Revenue Authority of Singapore (IRAS), he brings an appreciation of both the business and regulatory requirements in this field. As a consultant with Ernst & Young, he advised on the implementation of AEoI requirements and reporting for financial institutions. With IRAS, he drafted the IRAS CRS Compliance Guidelines, designed and executed compliance review programs and participated in policy discussions with the Organisation for Economic Co-operation and Development (OECD) on tax transparency developments internationally.
Mehdi is a professional with 10 years’ experience providing software and services in the financial sector. He joined BearingPoint RegTech in 2017 and he is currently Head of FiTAX Service Team, providing advisory services and support to banks across the globe. Mehdi and his team specialize in regulatory tax reporting regimes such as QI, FATCA, CRS/AEOI and DAC6/MDR.