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Business and regulatory compliance aren’t the same, so it’s critical to understand why your business must stay aware of the different laws girding your industry. Following regulatory standards has further benefits than simply avoiding forfeitures. They also bring financial stability and help with business durability. Here are few reasons why you should concentrate on regulatory compliance and reporting as you build infrastructure and design corporate standards around your digital assets and data.

• Financial security
• Avoid lawsuits
• Business continuity
• Protect your brand reputation
• Defence against hackers

IDBI Intech has developed the below Regulatory Compliance & Reporting Solutions

• Finnet2.0
• The Finnet2.0 reporting generating System developed by IDBI Intech is an application that gives the users unique features starting from creating the request at front-end and generating the data from system without any manual intervention as per the FIU India Regulatory guidelines of reporting

• Automated Data Flow (i-ADF & CIMS)
• IDBI Intech’s ADF solution ensure the Bank to achieves complete automation by eliminating manual intervention and ensuring uniformity and reliability of information while submitting its returns to RBI with the help of a Centralized Data Repository (CDR).

• Central Payment Fraud Information Registry (CPFIR)
• All banks / non-bank prepaid payment instrument (PPI) issuers are required to report payment frauds by uploading the file in the Electronic Data Submission Portal (EDSP) of Reserve Bank. CPFIR system has been developed in accordance with RBI requirement for the Submission of payment Fraud Data” which will help RBI to track frauds undertaken using payment systems and put in place mechanisms to prevent such frauds.

The main objective of CPFIR is to report only Payment related frauds, either reported by the customer to the issuer bank or detected by the bank i.e., UPI, IMPS, AEPS, ATM Debit/Credit card. CPFIR system is used by the bank users for reporting of payment related frauds. CPFIR application has functionality to report the payment fraud details which is occurred in Bank’ customer’s account.

• The Foreign Account Tax Compliance Act (FATCA) is tax information reporting regime, which requires Financial Institutions (FIs) to identify their U.S. accounts through enhanced due diligence reviews and report them periodically to the U.S. Internal Revenue Service (IRS) or in case of Inter-Governmental agreement(IGA), to appropriate government authority.

• Common Reporting standard (CRS) is a global level uniform standard for automatic exchange of financial account information. CRS, an initiative of G-20 countries and Organisation for Economic Co-operation and Development (OECD) and is similar to FATCA. Under this standard, jurisdictions would obtain financial information from their financial institutions and exchange that information with other jurisdictions on an automatic annual basis.

Purpose of FATCA/CRS

The purpose of FATCA is to prevent U.S. persons from using banks and other financial institutions outside the USA to park their wealth outside U.S. and consequently avoid U.S. taxation on income generated from such wealth. FATCA-CRS oblige financial institutions to report information about U.S. persons having accounts with them.

Similar to FATCA, the purpose of CRS is to aid automatic exchange of information between bilateral treaty partner countries about accountholders/ investors maintaining accounts in foreign jurisdictions so as to avoid tax evasions on the funds parked in such countries.

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