East-West United Bank uses DAC6/MDR module of the tax reporting solution FiTAX to meet reporting requirements for cross-border tax planning
Frankfurt am Main, 25. June 2020 - BearingPoint RegTech, a leading international provider of innovative supervisory, regulatory and risk technology solutions (SupTech, RegTech and RiskTech), has won East-West United Bank (EWUB) as a new customer for its established tax reporting solution FiTAX. To meet new regulatory reporting requirements for cross-border tax arrangements, the bank will rely on the new FiTAX DAC6/MDR module from BearingPoint RegTech.
The module was developed specifically for the DAC6/Mandatory Disclosure Rules regulation. From Q3 2020, cross-border tax arrangements must be reported within 30 days. BearingPoint RegTech's DAC6/MDR module facilitates the process of complying with the new regulations and enables the identification and a clear tracking of all reportable and non-reportable agreements. To start operations on time, EWUB has commissioned BearingPoint RegTech's Professional Services Team with the software implementation.
What particularly convinced us about BearingPoint RegTech's solution was the quality and intuitive use of the software. We hope that the broad functional scope of BearingPoint RegTech’s DAC6/MDR module will help us in meeting regulatory requirements. We are looking forward to expanding our partnership with BearingPoint RegTech and are considering using their solutions in other areas of regulatory reporting.
Nicolas Marinier, Chief Compliance Officer of East-West United Bank
We are very pleased that we won EWUB as new client for our FiTAX solution. We reacted quickly to the new reporting requirements and are able to provide our customers with an efficient module for the reporting of cross-border tax arrangements. We are also releasing a cloud-based version of our innovative solution.
Ronald Frey, Member of the Management Board of BearingPoint RegTech
FiTAX is an established, modular, ready-to-use tax reporting solution that meets the reporting requirements of QI, QDD / 871(m), FATCA, CRS/AEOI and DAC6/MDR reporting. FiTAX is used by more than 3,200 institutions and covers reporting for more than 130 countries from data collection to direct upload of encrypted reporting files to the portals of the tax authorities.
East-West United Bank is based in Luxembourg and has more than 45 years of experience in banking. The bank provides customized private banking, transactional Banking and trade finance services to its international clients, with Russia and the CIS (Commonwealth of Independent States) being the core markets. The bank acts as a bridge between East and West, connecting businesses from Russia and the CIS countries with European partners.
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FiTAX is our standard software for financial institutions to fulfil the requirements of regulatory tax reporting.Learn more