KPMG AEOI Reporting | KPMG | Malta

KPMG AEOI Reporting

KPMG AEOI Reporting

KPMG AEOI Reporting is a global reporting solution for FATCA, CDOT and the OECD.

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Partner, Tax Services

KPMG in Malta

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Why use KPMG AEOI Reporting?

Reporting information on Financial Accounts to local tax authorities under Automatic Exchange of Information (AEOI) requirements can be challenging without a reliable technology solution. Countries impose different reporting deadlines, require different file formats or data points, demand different submission methods and often do not operate test facilities. KPMG AEOI Reporting is a solution designed to convert system data into the relevant reporting schema in all of the jurisdictions you operate.

KPMG offer two solutions to help clients.

  1. A managed service whereby clients provide data to KPMG for processing and submission. Data is only ever processed in the Malta or the country where the Financial Institution is located.
  2. A software solution which can be deployed behind your firewall. This is a sophisticated yet simple to implement solution which is designed to ensure you never need to send your data outside of your organisation for processing.

KPMG AEOI Reporting is simple to use. The technology:

  • Provides a reporting solution to convert data from core systems into the correct reporting formats. The solution enables Financial Institutions to file reports in the correct formats across multiple jurisdictions.
  • Is easy, quick and cost effective to deploy into your organisation, designed to protect the sensitive customer information you will be reporting.
  • Acts as a data validation engine to identify errors and missing customer data which could otherwise delay or prevent the submission of reports. Our broad-ranging, proprietary data validation engine runs hundreds of checks on your data before submission.
  • Offers centralised oversight on a customised dashboard to track reporting progress across organisations with multiple Financial Institutions in different jurisdictions.
  • Submit FATCA returns in Model 2 or Non-IGA jurisdictions directly into IDES, using automation within the tool.

Features of KPMG AEOI Reporting

The tool is designed to simplify the reporting process as it:

  • Creates and embeds the XML files required for submission ‘behind the scenes’, removing the need for users to understand XML or the schemas.
  • Ensures real time updates to schemas and templates are made automatically without action required by clients.
  • Runs hundreds of data validations in real-time. This comprises both XML schema level and Competent Authority specific checks.
  • Logs data changes to Financial Institutions and customer data for audit/control purposes and produces a ‘human readable’ report of the XML data as record of the submitted information.

KPMG AEOI Data health check

KPMG can offer clients the ability to run data through the proprietary rules engine on a regular basis without creating a submission file. This approach allows firms to proactively resolve data issues prior to a submission deadline. It enables firms to create a data lifecycle management process enabling data issues to be resolved throughout the year.

Proactively completing data health checks prevents data integrity issues being stored up and only being resolved at year end. Using the data health check module can speed up the final report generation process.

KPMG AEOI Regression testing module

KPMG can help clients who have developed their own in-house reporting solution validate the output to help ensure it meets the tax authority requirements. Our software can allow clients to run their XML extract files against the KPMG proprietary rule-set to highlight any areas of non-compliance. This tool can significantly reduce the amount of time business and systems analysts within a firm need to spend to ensure their internally developed reporting solution remains “compliant” and up to date.

Why use KPMG AEOI Reporting?

  • KPMG AEOI Reporting is a proprietary solution developed, owned and managed by KPMG in the UK and used by professionals across KPMG’s global network of member firms. KPMG utilises local expertise in each country to help ensure the solution stays correct and up to date at all times.
  • Helps provide users with confidence they can correctly submit returns, using tried and tested technology, successfully used by large numbers of Financial Institutions across the world.
  • Provides a truly global technology solution covering all major jurisdictions.
  • Is designed to be quick, easy and cost effective to deploy thereby offering a robust solution to organisations reporting in one or multiple jurisdictions.
  • Allows management to view the status and progress of reporting across multiple business units and locations.
  • Provides a user work-flow and traceability of data enabling the organisation to see how customer information has changed over time and what business process changed it.
  • Offers a user-friendly solution which works to support rather than compromise data security.

© 2017 KPMG, a Malta civil partnership 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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