CRS & FATCA Reporting Platform

CRS & FATCA Reporting Platform

KPMG information reporting solutions

KPMG information reporting solutions

In a nutshell

The goal of the Foreign Account Tax Compliance Act (FATCA) is to obtain information relating to US persons who have offshore accounts or investments, in order to help prevent offshore tax evasion. In a similar vein, and in order to reinforce tax transparency, OECD member states have agreed on the Common Reporting Standard (CRS), an agreement to share financial account holders’ information among participating jurisdictions on an annual basis. Both regimes are referred to as automatic exchange of information (AEoI) regimes.

In Luxembourg, financial institutions must submit their FATCA and CRS reports by 30 June of each year.

The current situation

There are various aspects which mean that manual report preparation is no longer a feasible option for organizations. Firstly, we are seeing a continual increase in the number of reportable jurisdictions, with a growing expectation by tax authorities that data quality will improve over time, likely increasing the burden of AEoI reporting on financial institutions. Then we must consider cross-jurisdiction challenges such as the increasing complexity of data privacy and protection requirements. Additionally, submission methods differ, with some jurisdictions requiring registration or notification prior to filing. And in other cases, specific technology may be required to transmit the files. These and many more challenges lead to a tremendous amount of effort for organizations.

How can we help?

At KPMG Luxembourg we are able to leverage our in-depth tax experience of processing FATCA and CRS reports, our unique tax technical expertise, as well as our longstanding experience gained through US Qualified Intermediary (QI) audits and reporting, in order to assist you. In this context we have developed an innovative reporting solution that enables our clients to process their CRS and FATCA reports quickly and efficiently.

For Luxembourg financial institutions this solution is in the form of a managed service whereby you provide your relevant data to us for processing and submission. This is offered via KPMG Services which is a Professional of the Financial Sector (PSF) under the supervision of the CSSF. Thus, we guarantee that your data will only be hosted and processed in Luxembourg. For non-Luxembourg financial institutions, we can also cover production and submission in other jurisdictions using reporting capabilities developed by the KPMG global network.

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