Common Reporting Standard (CRS)

XM-well-what-now?

We've been helping our clients with CRS (and FATCA... and AIFMD... Solvency II... and...) reporting since it came about. We know all too well that it is nobody's favourite subject.

Reporting generally consists of two parts

  1. idenitifying the data that is in scope for reporting. This is usually hard enough, before
  2. translating this is in to a complicated machine format which is compliant with a set of XML schemas.

And what's more - despite being a "common" standard - there are actually [usually] plenty of differences between all the various reporting jurisdictions.

We've heard that many of the business systems in use in Guernsey across the various industries nowadays are simply not setup to handle this type of reporting efficiently, mostly because they pre-date the reporting requirements, and therefore their solutions have been retrofitted in, Elastoplast-style.

We have helped our clients make CRS submissions to Guernsey (IGOR) as well as Switzerland, Hong Kong, Singapore and UAE jurisdictions.

This is all achieved using our purpose-built tooling and even supports those jurisdictions that require encryption (such as Hong Kong and Switzerland.)

If you have a duty to report and are struggling to get started, please get in touch to discuss how we can help.

Contact us

About