KPMG AEOI Reporting provides a technology solution for reporting under the Foreign Account Tax Compliance Act (FATCA) and the OECD Common Reporting Standard (CRS) and is a global solution for Financial Institutions.
- With the CRS now operating across more than 100 jurisdictions, many organisations have found reporting under the Automatic Exchange of Information (AEOI) regimes challenging without a reliable technology solution. The significant increase in volume and complexity facing organisations in the early years, whether they operate in one or 50 jurisdictions, means staying on top of their reporting obligations can be extremely difficult.
- Significant challenges across jurisdictions arecaused by differences in:
Both options are widely used by a large and diverse group of financial institutions around the world and can be customised to meet your specific needs.
KPMG recognise the challenge faced by organisations when dealing with data issues in the short period after year end in order to meet the reporting deadline and, as such, have developed the KPMG AEOI data health check.
Clients can run data through KPMG’s proprietary rules engine on a regular basis throughout the year, enabling data issues to be identified during the account opening validation period and be resolved prior to the reporting season. The data health check can be run with whatever frequency the client decides and is automatically updated with any new data rules mandated by tax authorities or created by KPMG, thus ensuring clients are always using the very latest ruleset.
Proactively completing data health checks is already helping clients reduce the accumulation of data integrity issues by allowing these to be resolved prior to the peak year-end period. Removing data integrity issues during the year by periodically using the data health check module should also speed up the final report generation process.
Mandatory and optional schema data points are identified and maintained in the validation checks which help to ensure you are collecting the required data from your account holders for completeness and accuracy of returns.
— KPMG AEOI Reporting is a proprietary solution developed, owned andmanaged by KPMG. It is maintained through local AEOI experts in each country with the aim of ensuring the rules and country information stay correct and up to date at all times.
— Provides clients with confidence they can submit correct returns, using tried and tested technology, already used by large numbers of financial institutions across the world.
— A global technology solution covering all major jurisdictions, having been successfully used across the world, KPMG member firms provide the confidence to allow clients to correctly file returns in all jurisdictions in which they operate.
— A robust technology solution designed to be quick, easy and cost effective to install.
— The dashboard enables management to view the status and progress ofreporting across multiple business units and locations.
The Reporting tool gives a dashboard view allowing control over multiple jurisdictions
© 2019 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.
KPMG International Cooperative (“KPMG International”) is a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.