Financial institutions are being urged to take a fresh look at how they handle tax form remediation, with the upcoming CRS 2.0 rules set to reshape compliance obligations worldwide.
Traditionally seen as a burdensome, one-off exercise, remediation is increasingly being recognised as a strategic opportunity to improve compliance, strengthen data quality, and future-proof tax operations, claims TAINA Technology.
The urgency has grown because CRS 2.0, announced by the OECD in 2023, raises the bar for tax form accuracy and governance. The changes, which will become binding as participating jurisdictions update their tax laws by the end of 2025, mean institutions will have to update records across both new and existing accounts. Firms that have relied heavily on manual processes must now move quickly to remediate legacy forms, close data gaps, and prepare for stricter oversight. Failing to act risks not only operational strain but also reputational harm when reporting deadlines arrive for 2026 transactions in the 2027 season.
Best practice begins with a comprehensive data impact assessment. Financial institutions must identify gaps between existing records and the new CRS 2.0 requirements, paying close attention to missing self-certifications, Tax Identification Numbers (TINs), jurisdictional information, and controlling person details for passive NFEs. A forward-looking approach also means assessing exposure to new account types, such as e-money or crypto derivatives, which are being drawn into scope under CARF requirements.
Data validation and cleansing will also be vital. Firms are expected to analyse inconsistencies in entity classifications, validate TIN formats across jurisdictions, and cross-check against OECD schemas. While some institutions can perform these checks internally, others are turning to RegTech tools to keep pace. Platforms like TAINA and Evalogical Engine are being used to automate validation, schema compliance, and reporting readiness.
Self-certification management is another cornerstone of the process. Institutions must ensure all accounts carry valid and reasonable certifications, and expired documents are re-requested promptly. These steps should align closely with AML and KYC processes to ensure regulatory consistency. Alongside this, firms are preparing to upgrade their XML reporting systems in line with CRS XML Schema v2.0. Automating cross-field validation, schema checks, and error correction will be essential to staying compliant from 2027 onwards.
Governance frameworks are equally important. Assigning accountability for remediation, maintaining audit trails, and conducting periodic mock audits help to ensure both compliance and audit readiness. Training programmes on due diligence and data privacy will also be critical as institutions adapt to heightened standards.
Against this backdrop, TAINA has emerged as a leading provider of tax form remediation solutions. Its intelligent compliance platform offers multilingual digital form collection, customer-friendly interfaces, automated validation, and secure integration. By enabling bulk remediation at scale, TAINA not only reduces operational workloads but also helps institutions turn remediation into a managed service opportunity. Its workflows provide flexibility, whether through two-eye, four-eye, or straight-through reviews, while ensuring auditability and alignment with ISO 27001 standards.
Rather than treating remediation as a reactive fix, financial institutions are now encouraged to see it as a chance to transform compliance into a strategic advantage. With CRS 2.0 approaching, technology-driven solutions such as TAINA provide a clear pathway to meeting obligations, managing risk, and building efficiency for the future.
Copyright © 2025 RegTech Analyst
Copyright © 2018 RegTech Analyst
