Online KYC Remediation Platform
Common Reporting Standards (CRS) – Case Study
The OECD Common Reporting Standard (CRS), calls on over 95 participating jurisdictions to obtain financial information on certain account holders from their financial institutions and automatically exchange that information with other jurisdictions on an annual basis.
Similar to FATCA, CRS sets out common due diligence procedures that financial institutions must follow but broadly speaking the reportable account holder’s extends far beyond U.S. account holders and includes non-domestic tax residents, which as a proportion of the financial institutions is significantly greater than that required for FATCA.
The implications of CRS on financial institutions is a far larger number of individual and entity account holders, as well as, controlling persons will have to be identified, either systematically, wherever possible but it is anticipated that there will be a significant proportion of the financial institution’s customer base that will have to contact directly and the Business and Industry Advisory Committee to the OECD has issued a series of sample CRS forms for this purpose.
The ezyKYC Remediation Platform includes copies of each of the draft forms, which can be batch populated and distributed to account holders online, with a customised email template which can be bulk distributed for clients to edit, digitally sign and return back to the originating financial institution. The end-to-end process flow is tracked via emails and real-time dashboards to track the status of the KYC on-boarding / remediation activities.
How it works – complete CRS KYC remediation in 5 easy steps!
We have a comprehensive library of Common Reporting Standard (CRS) forms which are available on the OECD’s CRS portal and have been drafted by the Business and Industry Advisory Committee to the OECD and whilst these are not mandatory illustrate how financial institutions may consider requesting customer information from their account holders, which has been widely-adopted by numerous financial institutions.
Our library of templates can be supplemented by any form of PDF document and this case study serves to demonstrate the end-to-end workflow process of the ezyKYC Remediation Platform.
From the form library, business account users can download the file schema relevant to the selected form to be populated from core banking systems to capture known information from clients, such as their full name, date of birth and address details.
The information that is uploaded into the CSV form will be automatically be populated in the respective form using the Batch process within the Administer section of the ezyKYC Remediation Platform.
Prior to distributing the populated form business account holders can also create a customised email template which is allocated a unique reference identifier, to be populated in the ‘FormID’ field of the CSV file prior to uploading, which will automatically send the populated PDF file with the allocated email template to the end customer.
Business account users can differentiate the customised email templates for different customer types, different form types or different stages in the process, for example, once the form has been reviewed and approved, or alternatively a standard rejection email notification template, which rapidly accelerates the KYC remediation process.
All forms that have been returned to the requesting company will be directed to the Review folder, where the company can review and either approve the form which is the end of the process or alternatively they can reject the form, giving a reason and returning the form using a pre-configured email template.
Business account holders can view the real-time operational dashboards which provides meaningful insights on remediation activities at different stages of the life-cycle, which are fully drillable to reveal the KYC forms underlying each segment of the dashboard.
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