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New York Office

40 Fulton Street 11th Floor
New York
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Location Office

Charlotte House, 47-49 Charlotte Road
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London Office

Broken Wharf House 2 Broken Wharf High Timber Street
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Hong Kong Office

Central Building Level 9 1-3 Pedder Street
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Bangalore Office

Symphony Infospace 6th Floor, Block VA Pritech SEZ Park Outer Ring Road, Belandur
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Hauppauge, New York Office

102 Motor Parkway, Suite 250 Hauppauge
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Amsterdam Office

UN Studio - 11th Floor Parnassusweg 823
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Boulder Office

5718 Central Ave
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Calgary Office

Suite 225, 3553 - 31st Street NW
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Chicago Office

1560 Wall Street #334
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Dallas Office

13455 Noel Road LB #22 Suite 1100
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Edinburgh Office

41 Thistle St Lane SW
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Frankfurt Office

Walther-von-Cronberg-Platz 6
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Hong Kong Office

Suite 2128 Level 21 The Center 99 Queen’s Road Central
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London (Ropemaker) Head Office

4th and 5th Floor Ropemaker Place 25 Ropemaker Street
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London (Henley-on-Thames) Office

Ground and First Floor Videocom House Newtown Road Henley-on-Thames
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New Delhi Office

New Delhi GYS Heights, 5th and 6th Floor Plot no. 10 and 11 Sector 125
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New York (Times Center) Head Office

620 8th Avenue, 35th Floor
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New York (Park Avenue) Office

101 Park Avenue 7th Floor
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New York (Valley Cottage) Office

711 Executive Blvd Valley Cottage
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Singapore Office

1 Raffles Place #15-61 One Raffles Place
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Sydney Office

Level 20 1 Market Street
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Tokoyo Office

26F Atago Green Hills MORI Tower Atago 2-5-1
Minato-ku
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Toronto Office

40 King Street West Suite 2706
Toronto
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Vancouver Office

Suite 1005, 1095 West Pender Street
Vancouver
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Telephone

020 7890 5094

Contact

Teresa Chick
[email protected]
Back to all IHS Markit announcements

Markit launches CRS due diligence solution

Barclays and Brown Brothers Harriman sign up for service

Markit (Nasdaq: MRKT), a leading global provider of financial information services, today announced the launch of Markit │CTI Tax Solutions for the Common Reporting Standard (CRS) which identifies tax residency and performs due diligence on customer accounts. Barclays, Brown Brothers Harriman and other major industry participants supported the design and testing of the solution and have signed on for the service in order to meet their CRS requirements.

The solution enables institutions to conduct due diligence through validating account data across existing books and records, self certification forms or existing account know your customer (KYC) data. The solution also has built in logic to extract the necessary information required to meet jurisdictional standards.

From January 1 2016, CRS requires financial institutions in 56 jurisdictions to have stronger processes around automated solutions for due diligence, monitoring, customer data, tax reporting and responding to authorities’ requests for information to increase transparency between countries on foreign assets and investments.

“As a firm we pride ourselves on our relationships with our customers as well as our strong pedigree and expertise in delivering tax solutions,” said Cyrus Daftary, managing director and chief executive officer at Markit │CTI Tax Solutions. “We have participated in the OECD’s CRS working group and have worked with our key design partners to create a scalable solution to solve for the approaching CRS deadlines. To date, many organisations have spent a considerable amount of time to get to grips with the Foreign Account Tax Compliance Act which now appears is much smaller in scale. Our experience coupled with our FATCA and Qualified Intermediary offerings will help organisations overcome the next major compliance hurdle related to CRS”.    

Tax Solutions for CRS is available across all of the 56 early adopter countries and will be available in seven different languages in Q2 2016.