The Organisation for Economic Co-operation and Development’s effort to combat offshore tax evasion, known as the Common Reporting Standard (CRS), has created a significant compliance challenge for Financial Institutions (FIs) around the world.
In an effort to shed light on the extent and impact of the CRS on bank, asset management, and insurance professionals working to bring their organizations into compliance, KPMG LLP (KPMG) conducted a follow-up survey of global tax and compliance professionals from the financial services industry.
The objectives of the 2016 survey included, but were not limited to:
— Better understand how financial services organizations are preparing for and dealing with the CRS requirements:
— Benchmark respondents against the aggregate as well as compliance and tax organizational groups, where applicable.
Around the world, CRS regulations have had a profound impact on FIs. FIs are faced with significant additional identification and reporting responsibilities, which may vary in detail and timing by jurisdiction. Crucially, FIs need to be able to collect and track complex, varied customer information in each jurisdiction where they operate, with heavy reputational and financial risks for lack of compliance.
Key findings from the 2016 CRS Survey:
This survey report summarizes the findings of 146 high-level tax and compliance professionals - their views and insights into what their organizations are doing to comply with the CRS regulations.
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