Implementing FATCA (the Foreign Account Tax Compliance Act) and CRS (Common Reporting Standard) are mandatory for many financial institutions.
Beyond this, companies must disclose their FATCA and CRS status when doing business with financial institutions and are required to determine this status on their own. This process is especially challenging for large corporations and groups located in multiple jurisdictions. An incorrect determination FATCA or CRS status can result in fines and difficulty in obtaining services from banks.
How we can help
KPMG helps companies to determine their status, complete all necessary forms and documents, and defend their status in interactions with financial institutions. We also develop methodologies so that your company is able to determine these statuses on its own.
What we do
- We advise our clients on the specifics of FATCA, help them to determine their FATCA status, and then develop instructions on how to properly complete all applicable forms and documents.
- We determine a group’s overall status, as well as the statuses of each company in a client’s group.
- We analyse business activity, as well as the revenue and asset structures of a group and each constituent company in that group.
- We analyse intergovernmental agreements and local legislation from the various jurisdictions in which a group operates.
- We organise training sessions for employees holding any level of qualification.
What you get
- Sanction and compliance risks for your company are minimised.
- Financial institutions’ lending requirements fulfilled.
- FATCA and CRS requirements fulfilled.