A fund manager approached us to assist with the classification of the funds’ clients for FATCA and CRS purposes. We reviewed the initial information and concluded that we should classify 275 investors for FATCA and CRS reporting purposes.
Firstly, we checked that the information for each client was up to date – an important step for anti-money laundering procedures as well as for tax. We contacted investors on behalf of the fund to request additional outstanding information and followed up with them where required, such as tax account numbers. This saved the fund manager hours of work.
We then classified each investor for FATCA and CRS purposes so that the reporting could be done accurately. As part of this exercise, we designed and set up a database with explanations for the classification of each client so that any updates could be made easily and in case of potential review by the MRA in future, information was accessible and clear.
The classification of clients for CRS and FATCA purposes can sometimes be complex. However, its reach is extensive – opening a bank account for personal or commercial reasons require a self-certification form. With our extensive knowledge, we are able to save our clients’ time and minimise the risk of errors.