BLOGS. June 30, 2022
The Complexities of AEOI Compliance: How Outsourcing Can Help
AEOI compliance presents enormous challenges for financial institutions. First, there are the basic differences between FATCA, which targets only US taxpayers investing abroad, and CRS, which targets taxpayers from all participating countries investing in any other participating country. Interpreting the reporting requirements adds still more complexity, as they vary widely among different jurisdictions—such as the requirements for what is reportable or non-reportable. So do the definitions of accounts and individuals which must be reported. Moreover, as with all types of financial regulation, simply keeping up with changes and updates is an onerous task in itself. In such a tangled regulatory web, the risk of critical details falling through the cracks is acute.
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