Global compliance for financial institutions is more complicated than ever before. For institutions that manage accounts for clients that are located in foreign locations, evolving compliance issues increase the risk of damaged reputation and significant fines that can severely impact the bottom line.
New Foreign Account Tax Compliance Act (FATCA), Crown Dependencies on Overseas Territories (CDOT), and Common Reporting Standard (CRS) regulations require various standards for reporting on customer accounts that may be difficult to locate, consolidate, and file due to disparate business systems, confusing requirements, and language barriers, among many other issues. For these reasons, the automatic exchange of information has been a significant issue on the minds of financial institutions in the recent past.
Is your financial institution ready to effectively manage these regulations from a technology, resource, and workflow standpoint? How far are you behind your peers? To help you find out, I’d like to invite you to participate in a study I’m conducting to determine best practices. Immediately upon completion of the study you will be directed to a free research report, “Maximizing Profitability and Customer Service in Banking with Automated Financial Transactions.”
To participate in the study, click here. I look forward to analyzing your responses, and sharing the results in my upcoming research.