KPMG Common Reporting Standard Survey Report | KPMG | CA

KPMG Common Reporting Standard Survey Report

KPMG Common Reporting Standard Survey Report

KPMG’s survey results on bank, asset management, and insurance professionals bringing organizations into compliance with Common Reporting Standard.

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KPMG Common Reporting Standard Survey Report

In an effort to shed light on the extent and impact of the Common Reporting Standard (CRS) on bank, asset management, and insurance professionals working to bring their organizations into compliance, KPMG LLP conducted a survey of global tax and compliance professionals from the financial services industry.

How the CRS came to be:

Introduced by the Organization for Economic Co-operation and Development (OECD), the CRS creates a globally coordinated and consistent approach to the disclosure of financial accounts held by nonresident account holders. The CRS is a far-reaching international standard that almost 100 jurisdictions have committed to implement with 50 "early adopter" jurisdictions agreeing to begin implementation in 2016.

Key findings from the CRS Survey:

  • 62 percent of Canadian companies* say that the CRS will impact more of their accounts than the U.S. provisions commonly known as FATCA, compared to 61 percent overall. 
  • 63 percent of Canadian companies* say compliance with the new standard will require more resources compared to 55 percent overall.
  • 40 percent of Canadian companies* say that their ability to meet on-boarding objectives by their target date will depend on guidance they receive beforehand, compared to 44 percent overall.
  • 74 percent of Canadian companies* are unclear if the CRS obligations will conflict with local privacy laws, compared to 71 percent overall.
  • While 56 percent of Canadian companies* say their organizations have started dealing with CRS compliance, only 28 percent of those individuals say their organizations have taken significant steps toward implementation, compared to the 30 percent overall.

* Based on the 43 individuals surveyed who stated their company was either headquartered, or does business in Canada.

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