Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standards (CRS) stakeholders are key to financial institutions’ (FIs) successful implementation, compliance, and maintenance efforts. These activities require funding, monitoring and approval.
A pilot group of tax administrations of Canada, Singapore, the United Kingdom and the USA (US) worked jointly to issue a report explaining what might constitute a “robust” compliance regime for FI’s and their key stakeholders
Guide on Promoting and Assessing Compliance by Financial Institutions (the Guide) was published by the Organization for Economic Co-operation and Development’s (OECD) Forum on Tax Administration. The report is intended to assist tax administration government officials with their obligations for monitoring and ensuring FI’s FATCA and CRS reporting obligations.
The Guide recommends that FIs have a written or documented project plan in place involving key stakeholders within the FI.
Stakeholders with FATCA and CRS monitoring of FIs’ reporting obligations may include:
Stakeholders, the Guide maintains, should take an active role in:
Making sure these questions can be answered thoroughly can make the difference between compliance and the consequences of non-compliance.