As Singapore prepares for the CRS reporting, the various professional industry players has been busy learning, upgrading, reviewing and implementing changes to each respective organisation, as well as attending to clients’ constant queries on the implementation of the CRS. Whilst everyone is moving towards implementing new systems and collection of information, the industry players should be aware of the consequences of false declarations or incomplete collection of information.

A Pre-AGM talk was organised on 29 June 2017, to address this matter. Ms. Kim Kit, Ow, a partner from RHTLaw Taylor Wessing LLP guided the attendees through various scenarios where possible issues due to incomplete collection of information could affect the industry players. There were active discussions with the attendees on what additional steps or actions are recommended to be done to provide the comfort of complete and correct reporting.

The takeaway points from the talk were:

  • Ensure that Self-Certification forms contain sufficient requests for information
  • Important to review the Self-Certification forms to understand what was self-declared by the client
  • To request for clarification, additional supporting documents or information, should there be a mis-match of information in the Self-Certification form
  • Try to ensure good communication amongst all in the team, including the front-liners
  • Encouraged to inform clients on the consequences of false declarations in accordance with section 105M of the ITA
  • Management of Suspicious Transaction Reporting, communication amongst team vital
  • Balancing between pressure to bring in new business vs compliance and collection of information for CRS purposes

Around 80 people registered and attended the talk, most were from the banking and trust industry. 

 Click HERE to view event photos.

Contributed by: 

Ms Linda Wong

Managing Director, Kensington Trust  Singapore Limited 

 

 

 

 

As CRS and BEPS are effectively in Singapore this year, we had the experts from KPMG to share the developments in Singapore. It was an informative session. The speaker shared that for CRS, there were some areas that could benefit from further clarifications to the industry. One such area is in the registration of entities being classified investment entities that are scope as"FI" for CRS purpose. There is for now no alignment of such entities across different jurisdictions and potentially creating arbitrage. On the BEPS front, the action item that attracted most attention is on transfer pricing rule "country by country reporting". When the full extent of the information is exchanged between tax authorities, they would know quite a fair bit of financial data of their taxpayers.

 Click HERE to view event photos.

Contributed by: 

Ms Goh Seow Chee

Managing Director, Wealth Advisory Group at J.P. Morgan

 

 

 

 

 

 

 

 

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