Solutions

Common Reporting Standard

Deloitte Malta is capable and prepared to assist you in facing the challenges arising from the entry into force of the Common Reporting Standard through the offering of a full range of services designed to secure a smooth implementation in line with the relevant laws, regulations and best practices.

Advisory services

Having regard to the experience gained by the players in the financial services industry during the implementation of FATCA, Deloitte Malta can assist you in assessing your resources and readiness to face the upcoming challenges arising by the entry into force of the Common Reporting Standard:

  1. Technical resources and expertise: To provide the necessary training to understand the obligations of the Common Reporting Standard with a focus on identifying the main differences with FATCA and the effect of the recent repeal of the EU Savings Directive.
  2. Entity classification and registration: To assist in the classification of the entity for the purposes of CRS and in the required registration as may be applicable.
  3. Initial implementation and strategy: To assist in the initial registration(s) and kick-off procedures as may be required by local authorities as well as to assess, and consider mitigation strategies when available, of the challenges that the Common Reporting Standard brings to the table in respect of accounts classification, client documentation and remediation having regard to the decisions taken, work carried out and resources previously acquired for FATCA.
  4. Due diligence and reporting: Assist in the process of due diligence and reporting as may be required.
  5. IT systems assessment and/or development: To assess, develop or complete the capability of current IT tools and resources deployed for due diligence and reporting obligations arising in connection with the Common Reporting Standard obligations as may be required in view of current FATCA resources.

Assessment and assurance services

Through the assessment of the above resources, Deloitte Malta can assist in reviewing and providing a report which shall comprise a comprehensive analysis of the resources and preparedness for an accurate and timely completion of the obligation arising through the entry into force of the Common Reporting Standard.