Global information reporting
There has been an increasing focus on the automatic exchange of information over recent years and this has and will continue to have a significant impact on Financial Institutions. Our global information reporting (GIR) team can help interpret regulations such as the U.S. Foreign Account Tax Compliance Act (FATCA), the OECD common reporting standard (CRS), U.S. qualified intermediary rules and other regulations for identifying, documenting and reporting of account holder, client and investor information to tax authorities. Our team focuses on delivering efficient solutions to minimise the impact on businesses. Our team of leading tax technical advisors have a deep understanding of the key regulatory changes and our experience in delivering compliance within multi-jurisdictions makes us well placed to assist with bringing your businesses operations up to the required standards.
Our team of subject matter experts have extensive experience of supporting Financial Institutions worldwide with their information exchange obligations, covering technical advice, gap assessments, implementation assistance and reviews and preparation and lodgement of FATCA and CRS reports to local tax authorities, such as the ATO. We also work with our U.S. member firm to assist Australian entities that are registered QIs with reporting to the IRS and compliance assessments and reviews. Our global Deloitte network provides us with specialist knowledge from individual jurisdictions at a local level and this ensures that we are able to provide our clients with the most up to date advice and guidance. New information exchange regulations introduce account identification, documentation, monitoring and annual reporting requirements which must be met within a very short regulatory timeframe. Deloitte has developed a number of platforms for data collection and analysis that provides FIs the tools they need for efficient compliance. Deloitte offers a number of managed service solutions to aid with the more practical elements of achieving full operational compliance, such as FATCA and CRS reporting. With our anti-money laundering/know-your-customer specialists, we assist with remediation and our global centre of excellence ensures a speedy turnaround of all reporting requirements. Alongside our managed services, we also offer training and employee awareness programs to help employees at organisations become self-sufficient as compliance moves towards business as usual.