Automatic Exchange of Information | KPMG | BE

Automatic Exchange of Information

Automatic Exchange of Information

Health Checks and Risks Frameworks to help financial institutions navigate the transitions from project to Business As Usual.

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Automatic Exchange of Information

Reporting information on “Financial Accounts” to local tax authorities as part of Automatic Exchange of Information has been required in Belgium since 2016.  AEOI is a challenging compliance obligation where the reporting process will highlight the accuracy and completeness of data and documentation obtained from all relevant clients. 

While many financial institutions have implemented projects to meet the reporting deadline, this is an on-going annual requirement which must be integrated into Business As Usual (BAU) activities with appropriate controls and governance.

How KPMG can help

KPMG can help financial institutions navigate the transition to Business As Usual through the following services:

1. The AEOI Health Check – A detailed analysis of your current implementation and approach to identifying gaps in existing AEOI processes (internal procedures and policies, processes, documents, data collection, reporting systems and reports, etc.).

2. The AEOI Consistency Exercise – An analysis of your clients’ tax related data consistency and an approach to integrate FATCA, CRS, QI and Belgian withholding tax systems.

3.The AEOI Risk Framework – An analysis of the existing risk framework or assistance to help to: implement a new AEOI risk framework to identify gaps that may exist, ensure that sufficient controls are in place and analyze effectiveness and completeness to help determine how compliance is evidenced.

How can this help Financial Institutions?

  • Helps to provide you with the confidence that your business is compliant with the AEOI requirements across all legal entities.
  • Offers a rigorous review of procedures to help you demonstrate compliance in any upcoming tax authority review or audit.
  • Helps enabling a seamless transition into BAU with a strong maintainable monitoring mechanism which helps guarantee complete and accurate reporting.
  • Highlights potential cost savings by removing inefficiencies and leveraging your existing FATCA and CRS controls.-  Helps you to provide your clients with a positive experience by aligning all relevant documentation(procedures, policies etc.) with processes. Having the right processes and procedures in place is not the only challenge: there must be proper and effective controls to help ensure financial institutions are doing what they should to meet their AEOI obligations.

© 2017 KPMG Tax and Legal Advisers, a Belgian Civil Cooperative Company with Limited Liability (burg. CVBA/SCRL civile) and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.

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