Compliance Automation for FATCA & CRS Reporting

Compliance Automation for FATCA & CRS Reporting Financial institutions worldwide are under increasing pressure to comply with global tax transparency standards—especially the Foreign Account Tax Compliance Act (FATCA) and the Common Reporting Standard (CRS). These frameworks, led by the U.S. and the OECD respectively, require financial entities to report information about account holders who may be liable for tax in other countries. Manual compliance is not only resource-intensive but also error-prone, risking severe penalties. Fortunately, automation through RegTech SaaS platforms has emerged as a robust solution for ensuring timely and accurate reporting. 📌 Table of Contents ➤ Overview of FATCA and CRS ➤ Key Compliance Challenges ➤ How Automation Solves Compliance Burdens ➤ Popular Compliance Automation Tools ➤ The Future of Cross-Border Reporting 🌍 Overview of FATCA and CRS FATCA is a U.S. law enacted in 2010 requiring foreign financia...