FATCA & CRS | KPMG | RU

FATCA & CRS

FATCA & CRS

Around the world, FATCA and CRS regulations have had a profound impact on financial institutions.

Around the world, FATCA and CRS regulations have had a profound impact on financial...

There are three major differences between FATCA and CRS:

  • FATCA requires a financial institution to find US persons; however, with more than 90 countries currently committed, CRS requires a much broader scope of tax residency.
  • Under CRS, the definition of a “reporting financial institution” is different. So, even if a Client is not required to report on financial accounts under FATCA, you may be under CRS.
  • There is currently no de minimis limit under CRS. FATCA, by contrast, only kicks in for individual accounts with balances exceeding $50,000 – companies have different limits.

KPMG Services related to FATCA/CRS implementation:

  • Capability assessment of FATCA/CRS implementation;
  • Regulatory assessment aimed at establishment of necessity for implementation FATCA/CRS requirements;
  • Solutions regarding delivery of financial statements;
  • Determination of company status and US IRS forms completion assistance;
  • Training programs for designated responcible employees and departments;
  • Assessment of compliance with FATCA/CRS requirements

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