Ragini Communications Inc.
Common Reporting Standard (CRS) Solution   

The Common Reporting Standard (hereafter "CRS"), generally known as the Global FATCA, is a regulation initiated by the OECD, aiming at preventing tax evasion and leading to a global automatic exchange of information between CRS-participating jurisdictions.


Ragini's CRS Software also takes into account differences that result from bilateral/multilateral agreements between countries. Ragini's CRS matches global regulations and the local constraints, such as managing reporting deviations between countries, by example regarding the types of accounts, types of incomes and types of clients to report or regarding the look-through entities.

An increasing number of financial institutions are applying a region-based implementation of Ragini's CRS. It means that most entities report centrally, while others do so locally in each entity. Ragini's CRS supports both approaches.

Challenge

Ragini's CRS offers market-leading software that simplifies the CRS and FATCA compliance process and removes the burden of formulating and implementing a new compliance policy. It also streamlines operational procedures and reduces resource requirements, saving time and money.

  • Flexible and Scalable

    • Ragini's CRS easily integrates with your existing process to meet your specific needs. Our sophisticated software ensures seamless workflow and delivery as FATCA and CRS impact your day-to-day compliance procedures.

  • An Established and Trusted Platform

    • Ragini's CRS has the knowledge and expertise to assess and improve existing reporting solutions to further enhance your organization’s reputation and improve client service standards.



Solution

Key Capabilities

  • Setup Financial Institution
    Identify and Setup Depository Institution, Custodial Institution, Investment Entities, Specific Insurance Companies.

  • Setup Financial Account Types
    Identify and setup Depository Accounts like Bank Accounts, Custodial Accounts like mutual funds, Investment entities like Trusts and Charities and the relevant beneficiaries, Cash Value insurance contracts and Annuity Contracts.

  • Identify Reportable Accounts
    Ragini's CRS software allows you to identify both individual and entities reportable accounts. Within Entities it helps identify active and passive non financial entities and Controlling person details.

  • Apply Due Diligence Rules
    Helps identify tax residency of account holders and therefore identify the customers who are reportable to a particular jurisdiction. Build in Due Diligence rules help identify low value accounts and high value individual and entity accounts.

    Ragini CRS software helps you perform Indicia checks for multiple jurisdiction.

  • Report Relevant Information
    Report relevant information about reportable accounts in correct format to all authorities.


Benefits
  • Adaptable: Suitable to any business – from small/medium Financial Institutions to large financial groups and service providers working with hundreds of legal entities..

  • Consistent: Standardized and automated reporting solution.

  • Streamlined: Single and standardized tax-reporting tool, connected with a user-friendly and powerful user-interface.

  • Always up-to-date: Bilateral and multilateral agreements linked to CRS are added and are likely to evolve further in the next months/years.

  • Flexible implementation: Hub-based implementations can be combined with localized deployments.




Features

Category Feature
Predefined Rules Conduct a detailed review for Account Balance for Individual and Entity Customers
 
Alert Manager Provides ability to review the alerts generated and determine if further investigation is required or dismiss an alert. Includes ability to Track source of alerts and issues tracking, review alerts
  Indicia check
 
Case Due Diligence Provides ability to further research alerts converted to case
  Identity Verification (IDV) check using Experian / Other Authentication
  Attach Questionnaire / Surveys as part of research for High Value Accounts
  Manage Evidences related to research
  Classify account as US, Disclosed-US, Non-US or Recalcitrant
 
Withholding For all Recalcitrant accounts, withhold taxes on yearly basis based on tax withholding formula to calculate Passthru percentage and total tax amount
 
Data Warehouse Process data file from multiple internal sources
  Process data file from multiple external sources
  Process data stream from multiple internal sources
  Process data stream from multiple external sources
 
Other Common Security Module
Integration of SmartyStreets Third Party API for US Address Verification
Audit Manager to log all user actions
Agency Compliance

Organisation for Economic Co-operation and Development (OECD)
http://www.oecd.org/




 

Summary of Audit Per Application

 

FFI | Deemed Compliant FFI | Excepted FFI | Participating FFI | Non-Participating FFI | Responsible Officer | Passthru Payment | Excepted NFFE | U.S. Owned Foreign Entity | U.S. Account | Foreign Account | Substantial U.S. Owner | Recalcitrant Account | Specified U.S. Person | U.S. Indicia | Withholding Agent | Pre-Existing Account | Withholdable Payment | NFFE| FATF | KYC | IGA | Form W-9 | Form W-8 | Form W-8BEN-E

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