fatca - ides and crs

Are you CRS and FATCA compliant?

What IS fatca

Enacted by Congress in 2010, the Foreign Account Tax Compliance Act (FATCA) was established to combat the offshore U.S. tax evasion. FATCA came into effect in Singapore pursuant to the Intergovernmental Agreement (IGA) entered into between Singapore and the US on 5 May 2014. Starting with the reporting year 2014, Singapore financial institutions are subject to annual reporting obligations.

What IS CRS

Common Reporting Standard (CRS) was developed by the Organization for Economic Cooperation and Development (OECD) in 2010. Similar to FATCA, CRS’s objective is to combat offshore tax evasion on a global level. CRS came into effect in Singapore via tax legislation on 1 January 2017. Starting with the reporting year 2017, Singapore financial institutions are subject to annual financial reporting obligations.

Responding to the Requirement

All Financial Institutions (FIs) that have signed a Foreign Account Tax Compliance Act (FATCA) agreement with the U.S. Internal Revenue Service (IRS) will have to transfer relevant business data to IRS’ International Data Exchange Service (IDES) periodically. On the other hand, CRS requirement will be more complex and it cover more countries. FI will need to submit the relevant business data to Inland Revenue Authority of Singapore (IRAS).

As the demand of the reporting in FATCA and CRS grow, using the existing CRS & FATCA compliance strategies may not be enough to keep up. It might be costly and time consuming to design and implement compliance policies system from scratch. As such, FI will need to use available tools in the market to compile data from multiple sources, monitor and send them to the respective authorities in a timely manner.

FINDING THE RIGHT FATCA SOLUTION TO MATCH YOUR NEEDS

Activants FATCA IDES Reporting Software is a complete, one stop solution to help financial institutions create encrypted data package that can be uploaded to IRS’ International Data Exchange Service (IDES) to fulfil their FATCA reporting obligations. Our solution also decrypts the encrypted notification from IRS to reveal the result of the data package transmission.

Activants FATCA IDES Reporting Tool is simple to use and comes with cryptographic features that meet the U.S. Internal Revenue Service’s requirements. Other features include certificate and key configuration, creation and preview of financial data, generation of validated XML data file, and creation of metadata for file delivery.

Such features will benefit the compliant team from spending too much time on formatting and filing data manually.

IDES PROCESS OVERVIEW

Obtain Digital Certificate

​IRS Approved Certificate Authority

Create Account

Use Enrollment Tool and Create User Profile

Validate Approved GIIN & Digital Certificate

Validate Authorization

Receive Enrollment Approval

Receive Email Instructions Or SFTP Link To IDES

Prepare and Upload Files

Compress and Encrypt FATCA Data

Send Package to IRS

Receive Confirmation

ACTIVANTS' FATCA - IDES REPORTING SOFTWARE IS DESIGNED FOR:

  • STEP 5: FIs to prepare FATCA data
  • STEP 6: FIs to send package to IRS, decrypt and view return message from IRS

What you get in FATCA reporting Services

COMPLEXITY MADE SIMPLE​

Easy setup and installation​

REPORT MANAGEMENT​

Generate XML compliant reports to cater for all FATCA and CRS report types​

DATA PROTECTION​

Using strong encryption for data privacy​

DATA VALIDATION

In built validation rule for field checking​

SOFTWARE UPDATE​

Software assurance for new versions and fix patch​

A STANDARDIZED SOLUTION FOR CRS AND FUTURE REQUIREMENTS

Activants CRS solutions are tailored to the needs of venture capital, private equity and other funds, and trustees. The modular and modern design, along with the flexible structure for easy adaptation to different Automatic Exchange of Information (AEIO) regimes, offer you the perfect platform to implement current and future reporting standards.

We offer you efficient automatic data validation and processing – including reporting – all together in a single solution. We provide for the various reporting requirements and supplement these with professional and technical standards for multi-client capability, audit compliance, and process monitoring.

Activants' CRS Suite OVERVIEW

Import Data

- Client Data
- Financial Data

Check Data Quality

- Validation Rule Engine

Map

- AEIO
- CRS

Report

- XML Generation for Authorities
- Client reporting Information

Activants' CRS Suite

Activants has developed a standardized and flexible solution for compliance with reporting requirements.

  • Flexibility in the scope of the master and transaction data
  • Variable data import from Excel, XML, and CSV files
  • Integrated validation rules for determining relevance to reporting requirements
  • Monitoring and Error handling
  • Audit compliance
  • Light and Smart

Visit Us

24 Sin Ming Lane
#08-105 Midview City
Singapore 573970

Contact Us

Tel. (65) 6684 7044
Fax. (65) 6684 7042

© 2020 ACTIVANTS PTE LTD. ALL RIGHTS RESERVED.