A fund manager requested our help with the classification of the fund’s clients for FATCA and CRS needs. We reviewed the initial information and concluded that we should rank 275 investors for FATCA and CRS reporting purposes.

First, we checked that each customer’s information was up to date – an important step for anti-money laundering procedures as well as for the tax. We contacted investors on behalf of the fund to request additional information due, such as tax account numbers, and followed up with them as required. The fund manager earned several hours of work.

We then classified each of the investors for the purposes of FATCA and CRS so that the report could be done accurately. During this exercise, we have created a database with explanations of each client’s classification so that updates can be made easily and, in case of potential MRA reviews, the information is accessible and clear.

Classifying clients for FATCA and CRS needs can sometimes be complex. However, this exercise is far-reaching – opening a bank account for personal or business reasons requires a self-certification form. Thanks to our extensive knowledge, we have been able to save time for the customer while minimizing the risk of errors.