Automating tax monitoring: How technology is changing compliance in financial services

By- Shashi Bhushan, Chairman of Board, Stellar Innovations

In today’s financial environment, compliance has moved beyond being a legal duty to become a strategic imperative. Especially in the case of taxation, where policy changes, new reporting standards, and cross-border activities makes the situation even more complex and challenging for businesses and financial institutions to manage. Technology has begun to change the intensive, manual approach to tax monitoring. Compliance using automation, artificial intelligence (AI), and advanced data analytics is becoming more efficient and precise, and even more transparent.

The Complexity of Modern Tax Compliance

Each day financial services businesses process a vast range of income and payment transactions, cross-border remittances and more. Each of these have their own tax obligations and reporting responsibilities. Missteps in this highly intricate and risky process can have serious consequences, including hefty penalties, possible legal action, and damaging a company’s reputation ...