SIX Financial Information rolls out data service for CRS/AEoI compliance
SIX Financial Information introduces new OECD-endorsed data service to allow financial institutions to comply with requirements of the CRS.
SIX Financial Information has introduced a new data service to allow financial institutions comply with the requirements of the Common Reporting Standard(CRS)/ Automatic Exchange of Information (AEoI) endorsed by the Organisation for Economic Co-operation and Development (OECD).
The Common Reporting Standard mandates OECD’s member states to automatically share data on foreign account holders with deposits in their territory to their home state authorities on an annual basis.
The vendor said that its new data service will simplify this process by identifying CRS-reportable client income and flagging relevant corporate actions.
SIX Financial Information divisional CEO Robert Jeanbart 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.”