The introduction of US FATCA in 2010 saw a clamp down on US citizens evading tax, an initiative that was to change the face of the fight on financial crime. It triggered similar actions on a global level and in particularly the introduction of Common Reporting Standard (CRS) by the OECD, a wider global tax transparency initiative.
In February 2014, G20 finance ministers and governors endorsed the CRS as the new global standard for the Automatic Exchange of Information (AEoI) - an agreement to share information on residents' assets and incomes. CRS employed a bigger part of the existing FATCA model but with a far more ambitious reach.
This practical 1 day course conducted by an experienced City practitioner will give you a thorough understanding of the Common Reporting Standard reporting requirements and will help you determine the most effective ways of complying with this regulation. From identifying reportable accounts and conducting due diligence to setting up reporting framework and data management challenges. You will gain all the tools to set up and manage CRS within your organisation.
A multiple choice test will be performed at the end of the course to consolidate and check participants' knowledge.
Topics Covered During This Training
- Background to the CRS reporting requirements
- Impact of CRS on the Financial Services Industry
- Scope of the CRS reporting
- Review and comparison with other similar regulations (CDOT, FATCA, DAC)
- Review of financial accounts in scope and exemptions
- Identifying reportable accounts
- Customer identification and classification process
- Due diligence process
- Creating Rulemap
- Best practices in working with and complying with CRS requirements
- Governance - roles & responsibilities
- Reporting solutions considerations
- Key parameters for decision making
- Business model consideration
- Data standards and Importance of reference data
- Project setup, milestones, attention points
- Controls over CRS reporting
- Key Success factor for delivering CRS
- CRS implementation challenges
For more information about this conference visit https://www.researchandmarkets.com/research/lx7wkq/common_reporting.