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: