AEOI

A multi-jurisdictional platform for your FATCA, CDOT, & CRS obligations

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AEOI Reporting — A World of Growing Obligations

The world is more globally connected than ever before as countries sign on to participate in FATCA, CDOT, and CRS in an effort to create greater financial transparency. Organizations impacted by these agreements and participating in the automatic exchange of information (AEOI) must now adhere to tax reporting obligations in every jurisdiction in which they do business, which is a substantial increase in volume and complexity for your business. There are many pitfalls, penalties, and challenges to navigate, which can ultimately increase your business’ risk and costs as well as damage brand reputation if you do not comply correctly while safeguarding customer’s privacy. Arm your business with the tools it needs to succeed, comply, and continue to grow.

Sovos AEOI is specifically designed to help fulfill organizations’ unique and varying global reporting obligations. Sovos AEOI is a multi-jurisdictional platform that allows you to fulfill all your FATCA, CDOT, and CRS compliance obligations from a single interface that can securely compile, validate, and transmit sensitive personal and financial information.

The Sovos AEOI Solution

Simply put, Sovos AEOI is the all in one technology software for every possible FATCA, CDOT, and CRS reporting obligation. And yet, it’s so much more than that. Here’s a look at everything else we’ve built into this robust application:

Connects Data from Multiple Sources Systems and Lines of Business (Organizations)

Sovos AEOI consumes data from multiple sources saved in any format, eliminating the need for your organization to consolidate data through internal middleware applications.

Once your data is imported, you can easily make corrections to the information and set up to track audits. You can also centralize data for client communications and generate an array of reports.

Create All Relevant Country Transmittals from One Interface

Sovos AEOI enables institutions to securely transmit for FATCA, CDOT, and CRS using repeatable processes in a common interface.

Timely and Accurate Regulatory Updates

At Sovos, our teams of researchers and developers focus on ensuring Sovos AEOI is up-to-date with the latest jurisdictional compliance changes. Built upon independent research generated by our own extensive internal staff, our solution is updated as jurisdictions issue new requirements or change deadlines. Our platform can accommodate millions of complex scenarios in a hierarchy that determines the appropriate combination of rules for your specific institution’s obligations specific to where you do business.

Address Data Privacy Needs with Multiple Deployment Options

Global reporting obligations contain the most sensitive data elements. Sovos offers deployment options to meet different risk tolerances. Sovos AEOI can be deployed as a fully hosted SaaS offering, an on-premise deployment behind a firewall, or as a hybrid model to help meet your organization’s specific needs and technical requirements.

Generate Submission-Ready IDES Data Packets

Our technology allows you to digitally sign, encrypt, and compress transmittals with just a few clicks of the mouse and create compliant IDES Data Packets that are ready to submit to the IDES portal.

Sovos AEOI also features:

  • Global interface, consumes data in native languages and currencies
  • Comprehensive user administration and permission management
  • Customer notification statement generation
  • Complete competent authority data delivery

Stop Playing with Fire Report

FATCA

The first significant step toward global international reporting started with the US implementing the Foreign Account Tax Compliance Act (FATCA) that was passed in 2010 with the goal of ending tax evasion by US citizens who have accounts abroad. This requires Foreign Financial Institutions (FFIs) to be responsible for collecting and reporting a completely new set of data. Each jurisdiction could have a different way the data must be formatted and sent in, their own reporting deadlines, and a unique data requirement. Learn more about FATCA by visiting our education center.

Learn more about FATCA

CDOT

Much like FATCA, the United Kingdom has enacted Crown Dependencies and Overseas Territories (CDOT) reporting starting in 2016. The format is similar to FATCA, but financial institutions are only required to exchange information with Her Majesties Revenue & Customs (HMRC) if they conduct business in one of 10 covered jurisdictions that are part of the UK.

Learn more about CDOT

CRS

The Common Reporting Standard (CRS) represents the final step toward full transparency by facilitating the exchange of account information between countries throughout the world. CRS is unlike FATCA and CDOT because there is no legislative body overseeing the reporting requirement. Instead, the OECD has published a series of documents that drive recommendations about how to carry out reporting. Currently, each jurisdiction is free to establish their own reporting requirements, which as you could imagine makes CRS the most complicated to navigate for organizations who need to report to all jurisdictions where they have a presence.

Learn more about CRS

With over 30 years of experience and over a billion transactions processed, Sovos continues to lead in the evolution of tax reporting compliance, which for the first time has extended overseas starting with FATCA and continuing with CDOT and CRS. Using scalable, innovative, and highly customizable technology platforms, Sovos AEOI is here to help financial institutions throughout the world comply with all FATCA, CDOT, and CRS reporting requirements from a single, user-friendly portal.

Are you ready to get started with Sovos AEOI?

Additional Resources