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13 October 2015
More reporting requirements under common reporting standard are anticipated.
The Organisation for Economic Co-operation and Development’s (OECD’s) proposed common reporting standard (CRS) for the automatic exchange of information will increase in the customer due diligence and reporting obligations of financial institutions worldwide according to KPMG research.
The research showed that 65% of businesses with headquarters or operations in the UK anticipate the CRS will affect more accounts than the Foreign Account Tax Compliance Act (FATCA) regime and will require more resources. However with the standard coming into effect from 1 January 2016 the research also found that 40% of organisations surveyed had not yet begun their CRS compliance programmes.
Peter Grant director at KPMG said: “There are more than 24 000 financial institutions in the UK registered under FATCA. These will need to be compliant under FATCA and the UK crown dependencies...
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