Complying with the OECD's Common Reporting Standard (CRS) means navigating a mosaic of local regulations and technical schemas. Manually creating separate, jurisdiction-specific XML files is a complex, repetitive, and high-risk task.
Novus Compliance centralizes your global reporting. Our CRS software automatically generates OECD-compliant XML for over 100+ participating jurisdictions, adapting to local filing nuances. Ensure accuracy, meet all deadlines, and manage your worldwide reporting from a single, secure dashboard.
The Challenge of Multi-Jurisdiction CRS Reporting
Financial institutions operating across borders face unique hurdles:
- Schema Variations: While based on the OECD schema, some jurisdictions implement slight variations or require specific XML elements.
- Multiple File Management: You may need to create and manage separate XML files for each jurisdiction you report to.
- Evolving Rules: Local tax authority requirements and submission portal protocols can change annually.
Global CRS Reporting with Guaranteed Data Protection.
Secure Multi-Jurisdiction Processing. Managing reports for various jurisdictions increases data exposure risks. Our platform processes all information—from account holder names and addresses to financial balances—within a single, centrally encrypted environment. Whether generating one file or one hundred, the same high standard of encryption protects data for every jurisdiction.
How Our CRS Reporting Solution Simplifies Compliance
Jurisdiction-Specific Schema Support
We maintain an extensive, updated library of jurisdiction-specific XML schemas. Simply select the countries you report to, and our engine applies the correct format rules automatically.
Intelligent Jurisdiction Sorting
Upload a single dataset containing accounts for multiple jurisdictions. Our software intelligently sorts the data and can generate separate, correctly formatted XML files for each tax authority, ready for their respective portals.
Centralized Data Management
Maintain one master client database within our secure platform. For each reporting period, simply review, update, and generate all necessary global reports from one location—eliminating data silos and spreadsheet chaos.
Key Features of Our CRS Reporting Platform
- OECD & Local Schema Compliance: Generate XML that meets the generic OECD schema and key local variations for major financial centres.
- Residency Code & CRS Status Validation: Automated checks ensure valid CRS status codes (e.g., CRS-101, CRS-505) and correct Tax Residence codes are applied.
- Multi-Currency & Balance Handling: Accurately report account balances in their original currency with correct conversion rules as per jurisdiction guidelines.
- Comprehensive Audit Trail: A complete log of all data changes, generated files, and user actions provides a clear record for internal and external audits.
FAQs:
FATCA Reporting Software
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questions about Novus Compliance
Generally, all Financial Institutions (FIs), including Banks, Mutual Funds, Insurance Companies, and Custodial Institutions, are required to file. Additionally, many Private Trusts and Exporters (Non-Financial Entities) with overseas accounts or controlling persons may also face reporting obligations.
Non-compliance is expensive. Failing to file correct FATCA returns can lead to a 30% withholding tax on your US-sourced payments. Additionally, local tax authorities (like the Indian Income Tax Department) may levy significant penalties for delayed or incorrect filings.
FATCA (Foreign Account Tax Compliance Act) is a US Law requiring you to report US-owned accounts to the IRS. CRS (Common Reporting Standard) is a Global Standard (OECD) requiring you to report accounts held by residents of over 100 partner countries (UK, Singapore, Germany, etc.) to your local tax authority. Novus Compliance handles both.
No. This is a major benefit of using Novus Compliance. We act as your authorized Third-Party Transmitter. We sign and encrypt your data using our digital credentials, saving you the cost ($300–$500/year) and hassle of buying and maintaining your own certificate.
No. You do not need to learn XML programming or schema validation. You simply download our Excel template, fill in the required details (Name, TIN, Balance), and upload it. Our system automatically handles the conversion to the complex IRS/OECD XML v2.0 standard.
Our system is designed for multi-currency reporting. We accurately report account balances in their original currency and apply the correct conversion rules as per the specific jurisdiction guidelines.
Yes. We use Bank-Grade Security. Your data is encrypted at rest and in transit using AES-256-CBC encryption standards, which is the exact cryptographic standard required by the US IRS.
No. You do not need to learn XML programming or schema validation. You simply download our Excel template, fill in the required details (Name, TIN, Balance), and upload it. Our system automatically handles the conversion to the complex IRS/OECD XML v2.0 standard.
Absolutely not. Your data is processed strictly for filing purposes. It is transmitted directly from you to the tax authorities (IRS or local government). We never share, sell, or expose your data to third parties.
Transparency is key. Once we transmit your data to the IDES Gateway (for FATCA) or the local portal (for CRS), we provide you with the official Transmission Receipt and a status report proving that your return was accepted.
Our system performs Smart Data Validation before submission. We check for valid CRS status codes (e.g., CRS-101) and ensure Tax Residence codes are correct. If there is an issue, our system alerts you immediately so it can be fixed before the file is sent to the IRS, preventing rejection.
Yes. Our platform is built for Bulk Processing. We can efficiently process reports for thousands of account holders or multiple entities in a single, validated batch. This is ideal for Chartered Accountants and Tax Consultants managing multiple clients.
Yes. The IRS and OECD frequently update their reporting schemas (e.g., to FATCA XML v2.0). We ensure our software is always updated to the latest official schema to prevent technical rejections.
No. For Indian Financial Institutions, all CRS and FATCA reports are filed centrally with the Indian Income Tax Department. You do not need to register with any foreign government. Once you upload your report to the Indian Insight Portal, the Government of India automatically exchanges the data with the respective countries.
You must use your own ITDREIN. The Income Tax Department requires the reporting entity (you) to be the registered filer. Novus Compliance is a software tool that generates the compliant XML report for you, but the legal filing must be done under your entity's specific ITDREIN and PAN.
The file must be digitally signed (DSC) by your organization’s Designated Director or Principal Officer. While our support team can guide you through the upload process on the Insight Portal, the digital signature and final submission must be authorized by your official signatory.
No. Each Financial Institution (Client) must have their own ITDREIN generated via their specific PAN login. If you manage compliance for multiple clients, you must log in to the portal using each client’s specific credentials to upload their respective files.