IFC Review is the definitive guide to global wealth management and international financial centres.
GCS Agile are pleased to share our vision of FATCA and CRS compliance within the IFC Review's recently released 2018/2019 publication.
November 2018
The time is ripe for a paradigm shift in managing compliance in the Financial Services Industry. RegTech companies are best positioned to drive this. And FACS, a service provided by GCS Agile, a RegTech company based in Melbourne, Australia, is an example of this paradigm shift for the management of FATCA and CRS obligations globally.
To better understand how the Financial Services Industry can make the paradigm shift from the current status quo (dispersed, duplicated, manual, inefficient, costly), to a new order (centralised, consolidated, automated, efficient, cost effective), take a look at the detailed article.
For more information, contact:
Stuart Growse
Chief Digital Officer, GCS Agile
+61 451 121 774
sgrowse@gcsagile.com.au
Supporting Information
Compliance is complex and costly for the Financial Services Industry
- Compliance costs the global financial services industry over $270B annually.
- Fines alone have cost global lenders at least US$321B since the 2007-08 financial crisis.
- CBA’s AML compliance breach announced on August 3, 2017, has resulted in C-Level role changes, a greater than 10% share price drop in the month following the announcement, and a $700 million fine.
- Based on ATO published penalty rates, a breach of 10,000 non-reported CRS accounts (error rate less than 1%) by a financial institution earning more than $1 billion in revenue will be liable for fines of up to $5.25 billion.
FACS (FATCA and CRS Service)
www.crs-fatca-reporting.com.au
- Complete end to end service that covers Data Preparation, Identify & Classify, Due Diligence, Reporting, and Audit.
- Highly flexible and configurable.
- Real time dashboard reporting with full work flow views.
- Complete, continuous audit trail and ongoing monitoring.
- Rapid implementation.
- ATO supported functionality and have completed ATO partner program.
- Only FATCA and CRS solution to be registered in ATO ABSIA (Australian Business Software Industry Association).