Malta: KPMG AEOI Reporting

Last Updated: 10 April 2019
Article by Juanita Brockdorff
Most Read Contributor in Malta, September 2019

KPMG AEOI Reporting provides a technology solution for reporting under the Foreign Account Tax Compliance Act (FATCA) and the OECD Common Reporting Standard (CRS) and is a global solution for Financial Institutions.

With the CRS now operating across more than 100 jurisdictions, many organisations have found reporting under the Automatic Exchange of Information (AEOI) regimes challenging without a reliable technology solution. The significant increase in volume and complexity facing organisations in the early years, whether they operate in one or 50 jurisdictions, means staying on top of their reporting obligations can be extremely difficult.

Significant challenges across jurisdictions arecaused by differences in:

  • Data privacy and protection requirements;
  • Reporting deadlines, often with late extensions or last minute changes;
  • File formats or data points to be reported;
  • Submission methods with some jurisdictions requiring registration or notification prior to filing or in some cases, specific technology to transmit the file.
  • A lack of test facilities by many tax authorities aswell as the difficulty in extracting comprehensive data of sufficient quality for all reportable accounts only compounds these challenges.
  • Combined with a growing expectation by tax authorities that data quality will improve over time, the burden of AEOI reporting on financial institutions is only likely to increase.
  • KPMG AEOI Reporting is a powerful and easy touse solution designed to convert system data into the relevant reporting schema for all of the jurisdictions in which you operate.

KPMG offers two approaches to help clients

  1. A managed service whereby clients provide data to KPMG for processing and submission. KPMG is committed to maintaining client data confidentiality and security. Datais only ever processedinthe UK or the countryin which the client's organisation is located.
  2. A software solution which can be deployed behind your firewall. This is a sophisticated yet simple to implement solution which is designed toensure you never need tosend your data outside of the your organisation for processing.

Both options are widely used by a large and diverse group of financial institutions around the world and can be customised to meet your specific needs.

KPMG AEOI data health check

KPMG recognise the challenge faced by organisations when dealing with data issues in the short period after year end in order to meet the reporting deadline and, as such, have developed the KPMG AEOI data health check.

Clients can run data through KPMG's proprietary rules engine on a regular basis throughout the year, enabling data issues to be identified during the account opening validation period and be resolved prior to the reporting season. The data health check can be run with whatever frequency the client decides and is automatically updated with any new data rules mandated by tax authorities or created by KPMG, thus ensuring clients are always using the very latest ruleset.

Proactively completing data health checks is already helping clients reduce the accumulation of data integrity issues by allowing these to be resolved prior to the peak year-end period. Removing data integrity issues during the year by periodically using the data health check module should also speed up the final report generation process.

Mandatory and optional schema data points are identified and maintained in the validation checks which help to ensure you are collecting the required data from your account holders for completeness and accuracy of returns.

Data Validation Scorecard

— KPMG AEOI Reporting is a proprietary solution developed, owned and managed by KPMG. It is maintained through local AEOI experts in each country with the aim of ensuring the rules and country information stay correct and up to date at all times.

— Provides clients with confidence they can submit correct returns, using tried and tested technology, already used by large numbers of financial institutions across the world.

— A global technology solution covering all major jurisdictions, having been successfully used across the world, KPMG member firms provide the confidence to allow clients to correctly file returns in all jurisdictions in which they operate.

— A robust technology solution designed to be quick, easy and cost effective to install.

— The dashboard enables management to view the status and progress ofreporting across multiple business units and locations.

KPMG AEOI Reporting is a simple and cost effective solution for large and small organisations which:

  1. Provides a reporting solution to convert data from core systems into the correct reporting formats 'behind the scenes', removing the need for clients to understand XML or the underlying schemas.
  2. Provides a centralised oversight of the work flow on a customised dashboard to track reporting progress and submissions across organisations with multiple entities in different jurisdictions.
  3. Is quick and easy to install into the clients organisation and, using innovative distribution, is designed to ensure real-time updates to schemas and templates are made automatically without any action required by clients.
  4. Is fully scalable to support organisations of a wide range of sizes and complexity across all sectors.
  5. Acts as a data validation engine identifying errors and missing customer data which could otherwise prevent or delay the submission of returns. Our broad-ranging, proprietary data validation engine runs hundreds of checks on your data before submission.
  6. Carries out detailed Tax Identification Number (TIN) validation to highlight potential data issues with this key data point.
  7. Helps to ensure all sensitive customer data is securely held behind the organisation's firewall throughout the creation of the submission file.
  8. Creates an audit trail which logs changes to data for audit / control purposes and produces a report of the XML data in 'human readable' form as a record of the submitted information
  9. Submits FATCA returns in Model 2 and Non-IGA jurisdictions directly into the IRS IDES platform using automation within the tool.
  10. Provides useful on-screen field-level guidance and information about reporting and submission requirements as well as an embedded user guide.

Reporting Dashboard

The Reporting tool gives a dashboard view allowing control over multiple jurisdictions

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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