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CRS – Common Reporting Standard

Deep

Client

Data

An OECD-led initiative, similar to FATCA

It’s about "paying the right amount of tax to the right jurisdiction”, or more prosaically, it "reduces the possibility for tax evasion.” Another initiative that requires client data to be compared across systems, normalised and checked.

Industry: Investment Banking

Challenges

Relevant Information

Six “Indicia” or types of information have been defined that are used an indicators that a given client account belongs to a particular jurisdiction. However, such Indicia includes addresses and telephone numbers which opens a very wide door to inconsistency and human input error.

Worrying When?

Though CRS / AEOI is for information exchange, Indicia are generally of greater concern to financial services companies if there is a difference between the account’s jurisdiction and the Indicia.Many internal attempts to deliver a solution had been unsuccessful.

Inherited Issues

Depending on the structure of the IT systems, there could be several different versions of data that are Indicia and rules will be needed to structure the hierachy of the data. Individuals may have inconsistent Indicia across multiple sole accounts, or even if it is consistent, then relevant joint account information may take precedence over the sole account data.

Inconsistent Data – Country Conventions

In a global business even if Indicia data is consistent for a given country one cannot guarantee that other countries have the same structure or the same internal consistency.

DDI: +44; 0044; 011 44

UK; United Kingdom; U.K.; Inglaterra; ISO GB or ISO 826.

Data Solution

Finding and tying together the information that may exist across multiple systems for a given user, developing a hierarchy and rule set to identify data inconsistencies. It’s a reconciliation and hierarchy exercise for client data, then transformation into the CRS xml format.

  • We used our rules based engine to connect to the myriad of data sources that the client had, applied a cleaning and normalisation process to allow the data to be joined.
  • We worked with clients to help determine the hierachies and process if the data were inconsistent, for a given individual.
  • Often this was deployed on a standard windows desktop under the business user’s control due for data privacy compliance.

Application: Data Cleaning and Matching

Our experience in client data cleaning meant that we had a head start in the normalisation of the data.

Reconciliations

Typical reconciliations of data were required to tie together data across different systems and reference data repositories.

Sub-accounts, power of attorneys, relationship management folders, nominee accounts data may all be relevant in a given client and would require reconciliation of identifiers. In one case a client had 28 different data sources.

Our experience in client data cleaning meant that we had a head start in the normalisation of the data.

Mapping Tables

Mapping tables were used to control the data transformations, whether mapping from one language to another, IDD formats or country names.

The use of mapping tables limits the amount of hard coded rules (that are often invisible to users) and allows rules to be ordered in a centralised and coherent manner.

Regular Structured Output

It’s another report and another output with it’s own nuances that make it different from all the other reports adding to the report burden.

Fortunately, Calimere Point's rules based engine can output the correct structure for upload into an xml convertor and run an a repeatable basis.

Related Data Solutions

Calimere Point have helped our clients gain value from the data revolution.
Our Data Services

Peter Griffiths

Co-Founder & CEO
Peter is the co-founder and CEO of Calimere Point and has been with the firm since its inception in 2009. Prior to founding Calimere Point he spent the first 15 years of his career in Investment Banking, working within trading, structuring and risk management disciplines across a number of asset classes. Peter has a Masters in Finance from London Business School, a BSc in Economics and Finance from Oxford Brookes University and is a qualified accountant (CIMA qualification).

Dominique Nelson-Esch

Chief Marketing Officer

Dominique is a multi-disciplinary visual designer, communications and brand strategist, with a two-decade journey in collaborating with startups and SMEs. Her portfolio includes consulting for over 100 businesses globally, where she managed branding, design, and digital communications.

Dominique’s extensive background in financial services equips her with a nuanced understanding of our industry landscape, including 14 years in financial services, holding key roles such as Head of Portfolio Risk Audit and Niche Portfolio Management for major Insurers.

In her current role as Chief Marketing Officer (CMO) at Calimere Point, Dominique focuses on strategically positioning and promoting the firm. Her goal is to enhance brand awareness and establish market leadership through innovative marketing strategies that highlight Calimere Point’s expertise in delivering impactful data-driven solutions.