Course Outline
Introduction to CRS and Global Tax Transparency
- The history and objectives of the CRS and the Automatic Exchange of Information (AEOI) framework.
- Identification of reporting entities: Reporting Financial Institutions and the scope of reportable accounts.
- The relationship between CRS and FATCA, highlighting overlapping and distinct requirements.
Legal & Regulatory Framework
- Jurisdictional implementation models and legal instruments, including the Multilateral Competent Authority Agreement (MCAA) and domestic legislation.
- Updates to consolidated texts and amendments affecting due diligence scope.
- Compliance obligations, implementation timelines, and penalties for non-compliance.
Due Diligence Fundamentals: Identifying Tax Residency
- Required documentation, including self-certifications and reliable documentary evidence.
- Indicia search procedures for both new and pre-existing accounts.
- Adopting a broader approach to due diligence by leveraging AML/KYC information to determine tax residence.
Operationalizing CRS: Onboarding, Data Capture, and Systems
- Integrating CRS checks into client onboarding and periodic review workflows.
- Identifying required data elements for reporting and strategies for ensuring data quality and retention.
- Evaluating the use of automation and vendor tools versus manual processes, with considerations for service providers.
FATCA-like Requirements and Comparative Best Practices
- Key similarities with FATCA, including classification, reporting mechanics, and the treatment of entities and beneficiaries.
- Key differences to anticipate, such as scope, bilateral versus multilateral implementation, and jurisdictional variations.
- Practical mapping exercises for translating FATCA controls into CRS-compliant processes.
Reporting, Exchange Mechanisms, and Audit Readiness
- Formats and transmission channels for CRS reports, along with jurisdictional submission requirements.
- Preparing for audits and regulatory reviews through comprehensive documentation, traceability, and evidence of due diligence.
- Reviewing sample reporting workflows and reconciliation checks.
Risk Management, Governance, and Internal Controls
- Designing governance frameworks, policies, and segregation of duties to support CRS compliance.
- Implementing training, quality assurance, and exception handling protocols for complex accounts and entities.
- Establishing remediation pathways and coordinating across jurisdictions for legacy accounts.
Practical Labs and Case Studies
- Lab: Review and validate sample account files and self-certifications to determine reportability.
- Lab: Configure a basic data-extraction and reporting checklist and produce a mock CRS XML extract.
- Case study: Managing complex entity structures, trusts, and controlling persons under CRS rules.
Summary and Next Steps
Requirements
- A foundational understanding of financial services or compliance functions.
- Familiarity with basic tax concepts and customer onboarding procedures.
- Previous experience with AML/KYC processes is advantageous but not mandatory.
Target Audience
- Compliance officers and legal counsel.
- Staff involved in client onboarding, KYC, and due diligence.
- Tax reporting and operations teams within financial institutions.
Testimonials (5)
Good communication, open for discussion, kept it interesting and engaging
Ahmet Keyman - Keytrade AG
Course - Management Accounting and Finance for Non-Finance Professionals
Experience of the trainer and his way of conveying the content
Roggli Marc - Bechtle Schweiz AG
Course - FinOps
The trainer did not leave a single minute unexploited! He was up a storm throughout every lesson and provided much material for whatever he dealt with.
Elpida - Unemployed
Course - Anti-Money Laundering (AML) and Combating Terrorist Financing (CTF)
The pricing strategies. Need to have more real case examples on the strategies and the pricing methods.
Ruziham A Razak - Telekom Malaysia Berhad
Course - A Practical Guide to Successful Pricing Strategies
Personal service and orientated to my needs
