Common Reporting Standard (CRS) implementation – Advisory Services
When is comes to the Common Reporting Standard implementation (CRS) project, at Deloitte we offer a full range of services to support you.
Common Reporting Standard (CRS) implementation step by step
Step 1 - Training & Awareness :
- Train existing FATCA taskforce on Common Reporting Standard specific requirements, focusing on delta between FATCA / EUSD and CRS implementation
Step 2 - Strategy :
- Review strategic choices made for FATCA/EUSD in the light of Common Reporting Standard (CRS) implementation; 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 implementation
- 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 implementation)
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
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