Financial Services 

The Financial Services (FS) practice is co-ordinated formally on an international basis to ensure cohesion, consistency and an ability to deliver quality professional services, wherever our clients operate.

Simon Gleave

Simon Gleave

Partner in charge, Financial Services

+86 (10) 8508 5000

Financial Services issues

Companies competing in today's integrated financial services markets have experienced unprecedented change. Banks, insurance and securities companies are having to respond at an even greater pace to:

 

demanding capital adequacy and risk management standards
corporate governance and increasing monitoring of internal financial reporting
increasingly sophisticated clients
global expansion by major national and regional financial institutions

consolidation, merger and acquisitions

new technologies and distribution channels
issues in dealing with new markets, economic uncertainty and changing relations.

 

KPMG member firms work closely with client around the world to help them develop appropriate strategies, manage the business and technology risks, and put in place the necessary implementation programmes in a timely and effective way.

 

KPMG's approach is based on understanding the issues affecting the marketplace. We work closely with a number of leading industry organisations providing support in understanding and tackling some of the major issues facing the industry. We are also active in the sponsorship of industrywide research and events.

 

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TaxNewsFlash

Since the enactment of the Foreign Account Tax Compliance Act (FATCA) in March 2010, the IRS issued several rounds of preliminary guidance prior to the release of proposed regulations on February 8, 2012. KPMG has prepared an analysis that examines these provisions.

 

The Treasury Department and IRS released for publication in the Federal Register proposed regulations (REG-121647-10) as guidance concerning information reporting by foreign financial institutions for U.S. accounts.

 

The IRS released an advance copy of Notice 2011-53 which provides a timeline for the implementation of information reporting and withholding provisions under chapter 4 of the Code (referred to as "FATCA").