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FATCA-tailored systems won’t suffice for CRS regime

Private banks that expect to reuse their FATCA-tailored technologies to comply with the incoming Common Reporting Standard (CRS) regime are sorely mistaken, according to regulatory and risk firm AxiomSL, which says that financial institutions will need to invest in new systems due to the sheer scale of the global framework. “While some firms have been able to get by under the…

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