Markit teams up with Barclays for CRS due diligence solution

Markit has launched a common reporting standard (CRS) due diligence solution in partnership with Barclays and other industry participants.

The solution identifies tax residency and performs due diligence on customer accounts, according to Markit, who said the solution meets all CRS requirements.

Barclays, Brown Brothers and other industry players have already signed up and were involved in the testing and implementation of the solution, known as Markit | CTI Tax Solutions.

Markit explained that through the use of Markit | CTI Tax Solutions, firms can “validate account data across existing books and records, self certification forms or existing account KYC data.”

From January this year, firms are required to have more efficient and stronger processes for due diligence as regulators implement rules on CRS throughout 2016 and 2017.

Cyrus Daftary, managing director and CEO of Markit | CTI Tax Solutions, said they have created a scalable solution for CRS requirements.

He said: “To date, many organisations have spent a considerable amount of time to get to grips with the Foreign Account Tax Compliance Act which now appears is much smaller in scale.

“Our experience coupled with our FATCA and Qualified Intermediary offerings will help organisations overcome the next major compliance hurdle related to CRS”

Earlier this month, Markit confirmed it will merge with US analytics firm HIS in an all-share deal worth $13 billion.