Mission Statement

Our client, a family office, needed to streamline the reporting process for FATCA and CRS to ensure compliance with international standards. They face the challenge of handling data ingestion, processing, and error correction. This ultimately leads to the generation of well-formed XML reports that comply with relevant schema standards. The goal was to improve the accuracy and efficiency of submissions and enhance the client’s reporting capabilities to ensure timely and compliant filings. 

Tools Used

• Alteryx

Detailed Solution

We designed and implemented a comprehensive workflow to fully automate the FATCA and CRS reporting process, addressing both operational inefficiencies and compliance risks. The solution began by automatically populating template spreadsheets, enabling data to be processed, validated, and corrected before submission, removing the need for time-consuming manual handling.

The workflow was built to handle CRS and FATCA files end-to-end. It ensured all files were correctly structured and validated against XSD schema files, automatically identifying incomplete or missing data for user remediation. To accommodate regulatory requirements, the solution included a dedicated flow for Nil Report creation and robust handling of nonstandard codes and sponsor sections, ensuring no data was overlooked.

Once processed, the system generated fully compliant XML files ready for submission to the relevant regulatory body, streamlining what was previously a complex, error-prone process.

 Impact

• Efficiency gains: Reduced manual effort and turnaround time for regulatory reporting.

• Accuracy and compliance: Minimised errors and ensured full adherence to regulatory standards.

• Scalability: Provided a repeatable, robust process that could handle increasing reporting volumes with confidence.

• User empowerment: Simplified the reporting process, giving teams clear insights into data quality and required corrections before submission.