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May 09, 2016

Leading Global Bank Selects Thomson Reuters ONESOURCE FATCA/CRS Reporting Solution to Manage Regulatory Compliance Needs

NEW YORK – Recently introduced international tax regulations require financial organizations worldwide to implement new procedures to maintain compliance. A tier one global bank has chosen Thomson Reuters ONESOURCE FATCA/CRS Reporting solution to help fulfill the global requirements for both the Foreign Account Tax Compliance Act (FATCA) and the Organisation for Economic Co-operation and Development’s Common Reporting Standard (CRS).

The global financial institution sought a trusted solution that could be implemented quickly to help with 2015 reporting and chose Thomson Reuters ONESOURCE after an extensive selection process involving multiple vendors. The institution will use ONESOURCE FATCA/CRS Reporting across dozens of jurisdictions globally, replacing its current tactical solution built in-house.

“Our customers demand on-time, accurate reporting and global reach to meet regulatory changes across jurisdictions,” said Michael Drinkwater, head of ONESOURCE FATCA and CRS for Thomson Reuters. “For this leading institution, the implementation of ONESOURCE will free up internal resources and reduce risk of non-compliance which could lead to reputational damage.”

FATCA and CRS, two of the most recent initiatives aimed at creating global financial transparency, require financial institutions to identify reportable accounts and develop and execute reporting processes on those accounts — creating a significant burden on institutions’ resources.

Market-leading ONESOURCE software from Thomson Reuters simplifies the compliance process, removes the burden of developing and implementing a new compliance policy, streamlines operational procedures and reduces resource requirements.

ONESOURCE FATCA/CRS Reporting easily integrates with any organization’s existing process and ensures seamless workflow and delivery. For more information, visit: https://tax.thomsonreuters.com/fatca-crs/.


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