KPMG’s customized solution helps you cut through the complexity of implementing a framework that ensures compliance with CRS.
KPMG can provide a customized solution to help you comply with CRS.
The Automatic Exchange of Information (AEOI) based on the Common Reporting Standard (CRS) has been in force in Singapore since 1 January 2017. As a result, Reporting Singapore Financial Institutions (SGFIs) are obligated to submit their CRS Returns annually with the first reporting due by 31st May 2018.
It is critical that financial institutions (FIs) have sound governance, strong controls and an effective framework in place in order to comply with CRS requirements. However, compliance with CRS requires more than just tweaking your existing Foreign Account Tax Compliance Act (FATCA) procedures, and this complexity increases if you have offices across jurisdictions.
In view of this, KPMG has specifically developed a full suite of services to ensure smooth implementation of a CRS framework for your organization, from the assessment of your regulatory obligations to reporting processes.
KPMG works with a diverse group of clients in the financial services industry to implement CRS – this includes banks, asset management companies and insurance companies. With this experience comes an in-depth understanding of leading practices, as well as critical knowledge and experience in dealing with complex regulatory requirements and operational challenges.
We are relentlessly focused on your needs, and will work closely with you to develop a customized solution that best addresses the risks and challenges you face. Our team of professionals can provide a full spectrum of services that are tailored to your needs in ensuring compliance with CRS. At the same time, we will minimize our footprints on your businesses.
|Potential challenges and risks
||How can KPMG help?
|Determining your regulatory obligations
|Under the CRS, different categories of entities have varying obligations and requirements and the classification of entities is determined by a complex set of rules. For starters, the definition of a financial institution (FI) or a Non Financial Entity (NFE) under CRS is unique in itself. This makes it crucial to accurately classify an organization and/or their related entities in order to identify their regulatory obligations under CRS.
||We can access and review your organization’s operations, analyze the information and advise you on your most appropriate CRS classification.
|After determining an appropriate CRS entity classification for your organization and/or related entities, it is a requirement from IRAS that a Reporting SGFI performs its registration and reporting obligation on the tax portal by the stipulated deadline. Failure to comply to this deadline is regarded as an offence under the CRS Regulations. SGFIs must comply to this requirement to avoid potential penalties.
||We can assist in your CRS registration and reporting with IRAS, and ensure that you submit CRS returns on time.
|In addition to regulatory obligations, it is imperative that the FI puts in place sound policies and procedures tailored for the organization, so that staff can execute the AEOI framework smoothly. This is vital as different parts of the CRS Regulations can apply to different Fls – staff need to be clear of the varying applicability to their organization.
||We can analyze your policies and procedures to identify gaps from the regulations and provide recommendations on refining your processes to ensure it complies to the regulatory requirements.