6th Tax Compliance for Financial Institutions

From 7th to 9th November, Hermes bank representatives reaffirmed their commitment to regulatory transparency by turning their attention to adopting CRS updates and sustaining FATCA compliance.

Tax compliance for financial institutions

The 6th Annual Tax Compliance conference held at Times Square, New York brought together a global pool of acclaimed professionals in their field. In attendance, the bank benefited from the experience of industry experts from international players such as BNP Paribas, JPMorgan Chase, BNY Mellon, Deutsche Bank, Goldman Sachs, Citi, Thomson Reuters and others as well as the Internal Revenue Services (IRS).

In preparation for the inaugural year of country by country reporting the bank continues to examine FATCA and CRS requirements from various perspectives to mitigate risk and adopt industry best practices. “Discussions held with similar institutions as well as multinational market leaders, with a presence in early adopting jurisdictions, help to bring into focus common challenges as well as emerging trends. Such a forum has been part of an essential process of developing an optimal model for cross-checking internal and external data sources to ensure we avoid potential reporting pitfalls.” Says Jeanelle Williams, Deputy General Manager of the bank.

Mrs. Williams commented further on the value of creating close links with other financial institutions within the region. She claims that it is vital for all banking professionals to explore the reality of banking in the Caribbean and seek innovative solutions which will catapult us into a more successful future.

“Laying the groundwork for first-time CRS implementation and planning to handle its challenges was the highlight of day three of the conference. Strategies shared by industry partners will serve to inform our decision-making process” says the Deputy General Manager.

Hermes Bank is one of many St. Lucian institutions joining the second wave of adopters of the co-operative agreement. Post FATCA adoption, regulators in jurisdictions worldwide seek to bring a more transparent tax regime to economies outside the US through the OECD initiative. CRS though in its early stages has already been met with a number of challenges, especially by reporting institutions as they endeavor to meet the logistic and financial demands which come along with implementing new data collection and reporting technology.

Many fintech companies have seized the opportunity by developing technology platforms to simplify the reporting process. A plethora of teething problems and inadequacies have plagued the process however innovators continue fine tuning products in the hope that with time and experience CRS adoption will become seamless for all jurisdictions.

Meanwhile clients of Hermes Bank continue to be reassured by the bank’s unwavering commitment to meeting industry challenges while remaining customer focused and delivering exceptional service using cutting edge technology platforms. From all indications, the bank remains on a firm course toward regional growth with innovation at the helm.

https://www.hermesbankonline.com/home

Hermes Bank Limited
1 Bella Rosa Road,
Rodney Bay
BW Box 332, Gros Islet
Saint Lucia, W.I.

Tel: +1 758 451 2265
Tel: +44 121 740 0128
Fax: +44 131 464 0321

Shares

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.