Automatic Exchange of Information – CRS and FATCA
Digimap has developed the Automatic Exchange of Information AEOI reporting system for the Government of Guernsey which allows Financial Institutions to submit returns to the Competent Authority and the onward submission to the XML files to the various jurisdictions around the World.
IGOR provides everything you require to comply as a participant in the Multilateral Competent Authority Agreement (MCAA) which involves implementing the Common Reporting Standard (CRS) to enable the exchange of information under the OECD global standard on Automatic Exchange of Information (AEOI).
The system is called IGOR and provides a comprehensive solution for the US Foreign Account Tax Compliance Act FATCA reporting to the Internal Revenue Service IRS as well as the Common Reporting and Due Diligence Standard CRS reporting requirements.
The system has been in live operation since 2015 and has received much praise from its users as an efficient and user friendly system.
The IGOR software is available “off the shelf” and is ideal for medium to small jurisdictions. It can be live in a short time frame which could be as little as 1 month.
We can provide you with a demonstration of the system using Web Ex if you are interested.
Digimap are in discussion with a number of other jurisdictions who have CRS and FATCA reporting requirements and Digimap would welcome any enquiries.
IGOR Highlights
Self Service by Financial Institutions including registration and account setup. Including API’s to provide automation of these tasks
Automatic and manual upload of XML files for FATCA and CRS
Automatic exchange of data with CRS jurisdictions and the IRS for FATCA
User friendly validation and extensive reporting of XML files to ensure they comply with
- GIIN’s
- FATCA or CRS schema
- Business rules
- Country rules
The competent authority will benefit from
- Simple authorisation of Financial Institutions
- Key management reports to easily identify and manage the FI’s that have and have not reported
- Secure messaging system with all FI’s
- Active Directory integration
There is a rapidly growing international market for software for financial compliance and regulation. With our own in-house team of programmers, who can work directly with international customers, we are well positioned to move quickly to deliver the features they need for the future.