Health Checks and Risks Frameworks to help financial institutions navigate the transitions from project to Business As Usual.
Reporting information on “Financial Accounts” to local tax authorities as part of Automatic Exchange of Information has been required in Belgium since 2016. AEOI is a challenging compliance obligation where the reporting process will highlight the accuracy and completeness of data and documentation obtained from all relevant clients.
While many financial institutions have implemented projects to meet the reporting deadline, this is an on-going annual requirement which must be integrated into Business As Usual (BAU) activities with appropriate controls and governance.
KPMG can help financial institutions navigate the transition to Business As Usual through the following services:
1. The AEOI Health Check – A detailed analysis of your current implementation and approach to identifying gaps in existing AEOI processes (internal procedures and policies, processes, documents, data collection, reporting systems and reports, etc.).
2. The AEOI Consistency Exercise – An analysis of your clients’ tax related data consistency and an approach to integrate FATCA, CRS, QI and Belgian withholding tax systems.
3.The AEOI Risk Framework – An analysis of the existing risk framework or assistance to help to: implement a new AEOI risk framework to identify gaps that may exist, ensure that sufficient controls are in place and analyze effectiveness and completeness to help determine how compliance is evidenced.
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