Taiwan: Deficiencies found and mitigation steps in implementing CRS
Press release urging financial institutions to adhere to Measures for Financial Institutions to Implement Joint Reporting and Due Diligence Operation
Deficiencies found and mitigation steps in implementing CRS
The Ministry of Finance on May 22, 2024, issued a press release urging financial institutions to adhere to the "Measures for Financial Institutions to Implement Joint Reporting and Due Diligence Operations" in which it highlighted a series of deficiencies and provided mitigation steps.
Background
Per the common reporting standard (CRS) compliance guidelines issued by international organizations, the Ministry requires regional tax agencies to conduct annual written or on-site inspections of financial institutions under their jurisdictions on a risk-based basis and address any deficiencies that are identified. The Ministry compiles key inspection deficiencies in order for financial institutions to better understand the overall deficiencies in the industry, self-examine the operation process, and establish a control mechanism to prevent the problems from recurring.
Read a May 2024 report prepared by the KPMG member firm in Taiwan
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