FATCA, and in particular the implementation via intergovernmental agreements, has triggered a global wave of regulatory measures geared towards an automatic exchange of tax-related information and increased tax transparency. This currently culminates in the upcoming implementation of the OECD Common Reporting Standards (CRS) on a global scale, which is expected to take place from 2016 onwards.
The financial industry has been identified as the primary source for such information and is therefore facing a significant number of regulatory requirements for the implementation of compliant processes and systems. The growing number of non-domestic clients to be included in cross-border reporting is a key driver for the implementation of automated reporting processes and applications. Several technological and organisational concepts which have been successfully developed for the automation of other back office tasks can also be applied to streamline CRS reporting.