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14 December 2017

How you can speed up regulatory classification of your clients – and reduce client outreach

Jon Hanmer

We've built a new tool, Classification Catalyst, to help you determine the status of your clients for FATCA and CRS reporting in the time it takes to search for and validate an entity's name.

Certain tax-related regulations require banks and financial institutions to report on some of the clients they onboard. FATCA – or the USA's Foreign Account Tax Compliance Act of 2010 – is one such important example. The OECD's Common Reporting Standard (CRS) is another.

But whether to report on them and how companies should be reported is dependent on each company's status or "classification", which is often hard to determine.

 

Classification Catalyst does the work for you 

This first stage in the process can involve having to repeatedly ask your clients for information, a frustrating practice for banks and your clients alike. Client outreach is best minimised. Or it means piecing the picture together from disparate and patchy publicly available information.

Classification Catalyst does most of this status identification work for you. 

Pulling information from our Orbis database of 275 million private companies, it uses decision-tree computations to work out where organisations fit into regulatory reporting requirements.

Classification Catalyst diagram

 

More information and signing up for a trial

For more information and to request a trial visit our product page.

Jon Hanmer

Jon Hanmer, Global Account Director

One of Bureau van Dijk’s global account directors, Jon is based in the London office. With nearly 15 years’ experience at the company, he specialises in the banking and financial services markets.

One of Bureau van Dijk’s global account directors, Jon is based in the London office. With nearly 15 years’ experience at the company, he specialises in the banking and financial services markets.

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How Bureau van Dijk can help you

Certainty is a highly-prized commodity in business. Data might be getting bigger all the time, but this only makes extracting value from it more difficult.

In capturing and treating private company information we aim to give you more certainty – and help you make better decisions and work more efficiently.

 

 

Our solutions are designed to help different business challenges and streamline your workflow. Many of our customers blend our information with their own internal data to get a more complete picture of the companies in their ecosystem.

Try our more certain approach –
welcome to the business of certainty.