Common Reporting Standard (CRS) – Advisory Services

Services

Common Reporting Standard (CRS) – Advisory Services

We at Deloitte offer a full range of services to support you in your Common Reporting Standard implementation project

Common Reporting Standard implementation step by step

Step 1 - Training & Awareness :
Step 2 - Strategy :
  • Review strategic choices made for FATCA/EUSD in the light of Common Reporting Standard; considering governance, process, system and data dimensions
  • Consider impact on business model
  • Consider link with local reporting regimes
  • Assess opportunities for Business Process Outsourcing
Step 3 – Communication (internal & to clients) :
  • What is the impact of potential Business Model change?
  • What is to be communicated? To whom?
  • How to consider data privacy per jurisdiction?
Step 4 – Classification & Remediation :
  • Identify new classification/remediation criteria and workflow applicable to CRS
  • Define both classification input data and classification operations in order to highlight reusability (what is to be reused / updated / removed from FATCA factory in the context of CRS)
Step 5 – Products assessment :
  • Identify cases of differing CRS classification of products (e.g. banking, funds, life insurance, etc.) compared to FATCA, taking into account specifics per jurisdiction
Step 6 – Data & IT :
  • Identify data fields, aggregation / classification / reporting mechanics under CRS that are different from FATCA to prepare foundations for the data enrichment / extension / tailoring phase
Step 7 – Legal & Procedures :
  • Identify legal documentation (such as general terms of business, fund prospectuses, insurance contracts) to be reviewed in order to extend FATCA wording with CRS wording
  • Identify changes / extensions to be made to FATCA operational procedures to cover relevant CRS operational procedural aspects

Discover our publications on Operational tax

Get in touch

Vincent Gouverneur

Vincent Gouverneur

Partner | EMEA Investment Management Leader

Vincent is a partner within the advisory and consulting department and also leads the clients and markets initiative as well as all services relating to the investment management industry in the Europ... More

Pascal Eber

Pascal Eber

Partner | Operations Excellence

Pascal is a partner within the advisory and consulting department and has over 17 years of banking experience (front, middle, back-offices and IT) combined with his knowledge of consulting methodologi... More