Fenergo Adds Rules and Remediation Functionality to CRS Compliance Solution

Client lifecycle management solutions provider Fenergo has launched an enhanced version of its Fenergo Tax Compliance solutions. 

The Tax Compliance suite provides a rules-driven process to identify reportable accounts and perform due diligence for every client and account, providing data capture and classification obligations for common reporting standard (CRS) and the Foreign Account Tax Compliance Act (Fatca).

Fenergo's Regulatory Rules Engine has been updated to incorporate intricate jurisdictional-specific rules.

"Where Fatca was the game-changer in tax compliance, the Common Reporting Standard promises to go way beyond Fatca's remit to ensure global-wide tax compliance," says Laura Glynn, Fenergo global manager of regulatory affairs. "The global lack of harmonization of rules is worrying for financial institutions."

With the biggest CRS operational burden expected to be in the remediation and classification of pre-existing accounts, Fenergo has enhanced its rules-driven Remediation Master Case Management and Workflow functionality, designed to simplify the remediation process and maintain and track an easily identifiable subset of entity remediation cases through to completion. The solution is capable of re-using data and documentation collected for other purposes (such as know-your-customer), which speeds up the time it takes to achieve tax compliance with CRS, and, ultimately, onboard clients faster.