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
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
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 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.