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KPMG Common Reporting Standard Survey Report

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The Common Reporting Standard (CRS) has created a significant compliance challenge for financial institutions (FIs) around the world.

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

Key findings from the 2016 CRS survey
  • FIs are still in implementation mode—40 percent have either taken only preliminary steps or are just beginning to focus.
  • Only 64 percent said they met the January 1, 2016 deadline for onboarding in early adopter jurisdictions.
  • Yet, 60 percent are already collecting information for new accounts in jurisdictions that have committed to implement the CRS effective from January 1, 2017.
  • Inquiries from investors and customers regarding the CRS are up sharply as compared with 2015.
  • Despite persistent rumors to the contrary, 97 percent will not/do not plan to terminate any customer relationships to reduce CRS compliance obligations.

2016 KPMG Common Reporting Standard Survey Report

2016 KPMG CRS Survey - Detailed Results

2015 KPMG Common Reporting Standard Survey Report

 

To learn more, visit our Global Tax Information Reporting page or contact one of the professionals listed.

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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