The new service will encompass a broad spectrum of outsourced financial reporting services, including the preparation of financial statements, bank account reconciliation and valuation summaries, as well as bookkeeping.

JTC, a global professional services business headquartered in Jersey, has rolled out an enhanced proposition that supports family offices, trust companies and other organisations with their increasingly complex financial and regulatory reporting obligations.

The launch of JTC’s Outsourced Financial and Regulatory Reporting Services brings together knowledge from across the JTC Group to deliver a more streamlined, cohesive and joined-up offering. The new service will encompass a broad spectrum of outsourced financial reporting services, including the preparation of financial statements, bank account reconciliation and valuation summaries, as well as bookkeeping, the firm said in a statement.

Clients will also be able to engage JTC’s experienced regulatory reporting team through the new proposition, spanning the preparation and submission of FATCA and CRS documentation, economic substance reviews and tax compliance services.

“Businesses and family offices are now facing the challenge of balancing time constraints, resourcing and risk management, while maintaining a focus on their core competencies,” Charles-Henry Courtois, regional head of AMEA within JTC’s Private Client Services division, said. “To overcome this, we are seeing more and more clients reviewing and evolving their business models to ensure that they remain both agile and resilient in a highly competitive global market. Outsourcing is an ideal solution to that challenge.”

“Requirements under the Automatic Exchange of Information regime have had a profound impact on financial organisations. Compliance is resource-intensive, and non-compliance presents significant risk,” Emma Menzies, head of tax compliance and regulatory reporting, added.