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KPMG Common Reporting Standard Survey Report

In an effort to shed light on the extent and impact of the Common Reporting Standard (CRS) on bank, asset management, and insurance professionals working to bring their organizations into compliance, KPMG LLP conducted a survey of global tax and compliance professionals from the financial services industry.

How the CRS came to be:

Introduced by the Organisation for Economic Co-operation and Development (OECD), the CRS creates a globally coordinated and consistent approach to the disclosure of financial accounts held by nonresident account holders.  The CRS is a far-reaching international standard that almost 100 jurisdictions have committed to implement with 50 "early adopter" jurisdictions agreeing to meet a January 1, 2016 deadline.  

Key findings from the CRS Survey:

  • 61 percent say that the CRS will impact more of their accounts than the U.S. provisions commonly known as FATCA.
  • 55 percent say compliance with the new standard will require more resources.
  • 44 percent say that their ability to meet on-boarding objectives by their target date will depend on guidance they receive beforehand.
  • 71 percent are unclear if the CRS obligations will conflict with local privacy laws.
  • Only 30 percent say their organizations have taken significant steps toward implementing the CRS.

Download the CRS Survey Report

Contact us

Contact Frank Lavadera
Frank Lavadera

Principal, Tax, KPMG LLP
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Contact Michael H. Plowgian
Michael H. Plowgian

Principal, Washington National Tax, KPMG LLP
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