Thousands of bank accounts are frozen. It is now a legal requirement for banks, some investment managers, managed trusts and certain brokers to identify their customers who are foreign tax residents and send their financial information to Inland Revenue.
What if organisations could automate tax classification and verification work that currently takes thousands of man-hours to complete? Or process millions of transaction records within seconds?
Globalisation has made it easier for people to invest money outside their tax residence jurisdiction. This has provided opportunities for offshore tax evasion.