Financial Institutions and CRS reporting in the Middle East
Deloitte and Thomson Reuters Whitepaper collabortation
Action points for effective CRS compliance
Deloitte has collaborated with Thomson Reuters on a joint whitepaper around Common Reporting Standard (CRS) in the Middle East.
Financial Institutions in the MENA region are required to file their CRS returns this year. For many, this would be their first time and they must understand the importance of assessing the requirements to set up the right systems and resources they need to ensure accurate reporting. Any inaccuracies or misinformation in reporting can result in severe financial and reputational penalties for Financial Institutions.
To help smooth the way, the new Deloitte and Thomson Reuters paper, ‘Are you prepared for CRS reporting?’, recommends a series of action points. These include establishing a clear written compliance program, conducting a thorough CRS health check, and making sure that technology resources are fit for purpose.