Thomson Reuters has announced the launch of Thomson Reuters ONESOURCE AEOI, an enhanced solution designed to help financial institutions manage the significant regulatory compliance burden of the common reporting standard (CRS) for the automatic exchange of information (AEOI) proposed by the Organisation for Economic Cooperation and Development (OECD).
“With the greater inter-jurisdictional reporting that CRS brings, financial institutions are grappling with growing data and compliance headaches,” said Michael Drinkwater, head of AEOI for the Tax & Accounting business of Thomson Reuters. “ONESOURCE AEOI helps financial institutions to simplify their compliance process and operational procedures, while providing up-to-date, global regulation information to ensure timely and accurate reporting.”
The enhanced offering consists of two applications, Thomson Reuters ONESOURCE AEOI Documentation, which focuses on the tax form validation and documentation needed for FATCA and CRS customer diligence, and Thomson Reuters ONESOURCE AEOI Reporting, which offers a global, multi-jurisdictional reporting engine.
Key features of the enhanced solution include:
- CRS-specific content with the addition of the OECD CRS schema to provide customers with the most up-to-date regulatory information.
- Country-specific updates to the schemas to support CRS for the United Kingdom, Netherlands, Finland and Norway, with more jurisdictions to come shortly across the Americas, Europe, Africa, and Asia Pacific.
- Support for multiple filing regimes per financial institution to allow for ease of filing in a multitude of countries.
ONESOURCE AEOI currently covers over 175 jurisdictions for FATCA reporting and early adopter countries that have been published for CRS. It easily integrates with any organization’s existing process to ensure seamless workflow and delivery.
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