In addition to the profound impact these rules have on financial institutions, they will also have a lesser impact on Canadian enterprises which receive cross border payments and will be required to certify their eligibility for one of several FATCA entity exceptions.
FATCA introduced a series of business and systems requirements that appear simple in concept, but may be difficult and costly to operationalize. The aim for organizations affected by FATCA will be to meet the new compliance burden, while managing the associated compliance costs and risks.
KPMG professionals can help you successfully integrate FATCA into your business environment by bringing:
- Industry knowledge. KPMG is a leading service provider to the financial services industry, and subsectors and brings this aggregate knowledge to bear on each FATCA project.
- Scalable methodology and process. FATCA integration involves implementing change that affects your people, processes and systems. KPMG has established and applied FATCA-related methodologies to help measure, design and implement change in a manner tailored to your business.
- An integrated, cross-functional approach. KPMG uses a multidisciplinary, sequenced approach—combining subject matter knowledge in, for example, Canadian and US tax, anti–money laundering (AML) and “know your customer” (KYC) requirements, advisory and project management, and IT systems—to help your business achieve end-to-end FATCA integration.
- A strong understanding of the FATCA regulations. A thorough understanding of the FATCA rules and requirements is essential to successful FATCA integration. Our teams include Canadian and US tax professionals, along with industry specialists, ensuring that the appropriate expertise is available to both financial services and general business entities.
Contact us for more information.