In Mosoblbank preparation of the reporting under CRS is automated

2019: Providing FTS of the reporting under the CRS standards

On July 16, 2019 Intersoft Lab reported that in the last dates of May, 2019 Moscow regional bank for the first time handed over in FTS RUSSIAN FEDERATION the reporting under the Common Reporting Standard (CRS) standards for 2017-2018 from an automated system. IT support of procedures of monitoring and identifications foreign tax residents among clients and preparation of data on their accounts allowed to fulfill the requirements of the current version of the CRS standard and to increase productivity of staff of Service international compliance control.

The corporate data warehouse (CDW) of Bank functioning on the Circuit platform of development of Intersoft Lab company became the platform for preparation of the reporting on financial customer accounts - residents of the foreign states-.

KHD is operated in MOSOBLBANKE more than 2 years. To start of project works in January, 2019 in it the basic data necessary for preparation of the reporting under requirements of CRS for FTS were already collected. Project implementation took 5 months. During this time in KHD were finished loading this, specific to the solution of an assigned task (compliance statuses of clients, data on the country of tax residence and so forth), and the data mart which structure completely covers instructions of the CRS standard to structure of data is configured.

In comparison with the first reporting campaign for the CRS standards at submission of reports in May, 2019 more strict requirements to the analysis of financial data of foreign clients and their identification were applied. These requirements were reflected in the upgraded version of the standard published already in course of execution of the project. Despite changes, project works were completed in time, and the Bank successfully provided the reporting under CRS till May 31, 2019.

That during the reporting period to provide continuous quality control of data for preparation of the reporting, for specialists of Service compliance control of MOSOBLBANKA the functionality of operational monitoring and identification of foreign tax residents was implemented. With its help identification of nonresident clients whose identification can be for various reasons complicated becomes simpler. An opportunity to quickly adjust data which did not undergo internal control before sending to FTS in a show-window of a system is in addition implemented. Thanks to it correction of data in information sources can be postponed and does not lead to violation of terms of providing the reporting.

Comparing experience of the "manual" and automated preparation of the reporting under the CRS standards, it is possible to claim that the choice of the data warehouse as a basis for automation of this task completely is repaid both from a position of decrease in unproductive labor costs, and for obtaining confidence in the data provided in FTS. Process of consolidation and the subsequent data validation for the reporting is brought to qualitatively other level. Besides, we calculate that this solution will allow Bank to adapt quickly to the appearing regulatory requirements and to recustomize a system in short terms so that this process met the requirements of the current legislation. It is especially relevant as the legislation of CRS rather "young" and is in a stage of permanent development, told Ilya Izotov, the chief of Service international compliance control, PJSC MOSOBLBANK

2017: Intersoft Lab implementation: Circuit

In more detail about the project