Directive on Administrative Cooperation - DAC is the European Union Council Directive 2014/107/EU of 9 December 2014 (DAC2) amending Directive 2011/16/EU of 15 February 2011 EU (DAC) regarding mandatory automatic exchange of information in the field of taxation.
Second Edition, March 27, 2017
DAC2/CRS Reporting Application in Relation with Prime® Compliance Suite
Prime® Compliance Suite makes Due Diligence Easier. While DAC2/CRS is primarily a tax law, it intersects with Bank Secrecy Act (BSA) and anti-money laundering (AML) regulations. Your institution’s Know Your Customer (KYC) and Customer Identification Programs (CIP) may comply with the identification and verification-of-customers portion of DAC2/CRS.
The common theme of due diligence data collection in regulatory rulings makes Prime® Compliance Suite the perfect tool to help you meet current and future requirements.
Prime® Compliance Suite enables you to:
Manage and monitor your KYC/CIP data
Facilitate required electronic searches through our searchable database
Create customer acceptance items and set up ongoing review periods
Avoid potential penalties and negative press by remaining in compliance
DAC2/CRS Reporting Application on Prime® Compliance Suite
CubeIQ’s DAC2/CRS reporting module is an add-on to PCS™ EDD Reporter™ module and it is a full web based application with multiple functions such as:
Search (Menu Search/Search Customers): In the search page operator selects the types of customers to be included in DAC2/CRS report. The operator can select from the available options which are: (a) Individuals, (b) Beneficiaries (Business), (c) All and then click the submit button. The application executes the search and then redirects to the results page.
Results (Menu Search/Search Results): In results page, the database search output is presented in a list. Each list entry is accompanied by a selection box. Operators can select which of the list entries will be included in the DAC2/CRS report. From the available options which are: (a) One list entry, (b) Multiple list entries, (c) All entries and then clicks the submit button. The application executes the selection and then redirects to the report page.
Report (Menu Reports/Report Customers): In report page the operator can view the selected entries to be reported and generate the DAC2/CRS report for previously selected customers. When the operator clicks the submit button the application generates the DAC report which is a set of XML type files based on OECD's CRS specification.
Report History (Menu Reports/Report History): In report page the operator can view the generated DAC2/CRS reports with details on each report.
CubeIQ's DAC2/CRS Reporting Application
CubeIQ's DAC2/CRS Reporting module is developed based primary on EU Member States National Competed Authorities XML Schema Implementation User Guides document which is the extraction of the following OECD specification documents:
Common Reporting Standard - CRS User Guide, Version 2.0, CRS XML Schema v. 1.0
September 2017 Edition.
CubeIQ's DAC2/CRS Reporting Application In Cooperation With Other Systems