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Account Reporting Under FATCA and the CRS

OnDemand Webinar (100 minutes)

Better understand account reporting under FATCA and CRS, as well as, the differences between the two.Many countries have introduced financial reporting obligations over the past few years in an effort to help combat tax evasion. While these obligations have affected almost everyone that holds a financial account to some degree, these regulations have had an enormous impact on the financial institutions (for example, banks and investment funds) with direct reporting obligations under these regimes. In many instances, neither account holders nor client-facing employees of these financial institutions have a strong understanding of the obligations these regimes impose, which can lead to confusion and wasted time for all parties involved. This topic is designed to provide an overview of financial account reporting requirements under FATCA and the CRS, which are two main information reporting regimes in the world. Gain a better understanding of what these regimes are looking for and the documentation account holders will generally be required to provide, as well as the information financial institutions that maintain the accounts are generally required to submit to the tax authorities in the jurisdiction in which they operate. This information is particularly focused on obligations of financial institutions located outside of the U.S., however it also likely relevant for any U.S. person with international business operations or anyone else holding accounts outside of the U.S.


Carson Le, KPMG LLP


High-Level Overview of U.S. Information Reporting Regimes

• Chapters 3, 4, and 61

• FATCA Account Reporting

Overview of International Account Reporting Regimes

• FATCA, Including Treasury Regulations, Model 1 IGAs, and Model 2 IGAs

• Common Reporting Standard

FATCA Reporting

• Reporting Model 1 FFIs

• PFFIs and Reporting Model 2 FFIs

• FATCA Reporting for U.S. Persons

Common Reporting Standard

• Reporting FIs in Participating Jurisdictions

Comparisons Between FATCA and the CRS