OECD releases the Crypto-Asset Reporting Framework (CARF) XML Schema
On 2nd October 2024, the OECD released the XML Schemas and User Guides to support the transmission of information between tax authorities pursuant to the Crypto-Asset Reporting Framework (CARF) and the amended Common Reporting Standard (CRS). The CARF XML Schema and User Guide and the CRS XML Schema and User Guide reflect the reporting requirements […]
Luxembourg Implements DAC7 Directive, Strengthening Data Protection in Financial Reporting
Introduction On May 3, 2023, the Luxembourg Parliament passed a significant bill that enforces the Council Directive (EU) 2021/514, commonly referred to as DAC7. This directive aims to enhance the common reporting standard (CRS) for financial institutions when it comes to reporting their account holders’ financial information. The bill introduces several crucial provisions that have […]
Data Integrity and Centralized Database for FATCA & CRS
In an era dominated by technology and interconnected financial systems, data integrity has become paramount. The global effort to combat tax evasion and ensure transparency in financial transactions has given rise to initiatives like the Foreign Account Tax Compliance Act (FATCA) and the Common Reporting Standard (CRS). These frameworks aim to streamline the exchange of […]
Improvements in AI in the corporate governance and compliance field and their future
Artificial Intelligence (AI) has made significant strides in recent years, and the corporate governance and compliance field is no exception. With its ability to analyze vast amounts of data quickly and accurately, AI is well-suited to assist organizations in meeting their regulatory obligations and minimizing risk. In this article, we’ll explore some of the recent […]
Corporate Governance, AI and Software
Corporate governance refers to the systems, principles, and practices by which a company is directed and controlled. The goal of corporate governance is to maximize the company’s value and ensure accountability to its stakeholders, including shareholders, employees, customers, suppliers, and the broader community. Achieving the best corporate governance for your company can be a daunting […]
FATCA&CRS Software Update
We are excited to announce that a new update for the FATCA&CRS software has been released! This update brings a range of new features and enhancements, making the process of reporting even easier and faster than before. Here are some of the key improvements you can expect with this new update: We are confident that […]
The importance of automation in the regulatory and compliance field
Automation is becoming increasingly important in the regulatory and compliance field as organizations strive to keep up with an ever-changing landscape of rules and regulations. Manual processes can be time-consuming, prone to errors, and may not provide the level of accuracy and efficiency required in today’s business environment. Implementing automation in the regulatory and compliance […]
Applications of Artificial Intelligence for the Legal Field
Automation of time-consuming tasks Artificial intelligence can automate up to 23% of a lawyer’s everyday tasks. These activities are routine, paperwork-based duties that divert attention away from the strategic demands of a case. The most common use of AI in law is in E-discovery, which consists of checking digital information to gather non-privileged data on […]
New advances in Natural Language Processing
Language is at the heart of human intelligence, so it is a core element in the efforts of building artificial intelligence. The field of natural language processing (NLP) has been experiencing enormous advances over the past few years. This has been driven by two main technology breakthroughs. Self-supervised learning Today’s machine learning success is mostly […]
