CRS Reporting and Open Banking in IT: Financial Transparency Workshop Highlights
On May 13, CFO Club ITDC, in partnership with UKRSIBBANK BNP Paribas Group, hosted an open workshop dedicated to the new financial reality — the implementation of the CRS standard and the development of Open Banking in Ukraine. The event was a direct response to numerous inquiries from the IT community regarding tax residency and the automatic exchange of information.
Key Aspects of CRS Reporting for IT Businesses
Participants and experts explored the Common Reporting Standard (CRS), an international framework designed for transparency and tax control. The discussion focused on several critical topics:
- Why banks request residency information: The underlying logic of compliance and the potential consequences of refusing to provide data.
- Scope of transmitted data: Precisely which financial account details are subject to exchange between jurisdictions.
- Practical cases: How IT professionals and individual entrepreneurs (FOPs) can adapt their financial activities to new regulations without unnecessary stress.
Open Banking: The Future of Financial Management
A dedicated segment of the workshop focused on Open Banking. Experts explained how this framework transforms interactions with banking institutions:
- Who can access client data and under what specific conditions.
- How consent mechanisms and the revocation of permissions function in practice.
- The benefits businesses gain from integrating digital financial solutions.
Expert Insights from Speakers
The session featured leading specialists from UKRSIBBANK BNP Paribas Group: Anna Sych (Head of Operational Process Management) and Maksym Los (Head of Open Banking Development). The event was moderated by Olga Cherepynska, CFO Club ITDC Lead, who provided a practical focus on the needs of IT SaaS and multi-entity structures.
This event helped IT company owners and financial teams obtain clear answers to complex questions and prepare for upcoming changes in financial sector regulation.