The introduction of US FATCA (Foreign Account Tax Compliance Act) in 2010 saw a clamp down on US citizens evading tax by imposing a 30% withholding tax penalty, an initiative that was to change the face of the fight on financial crime. This regulation has spread and triggered similar initiatives on a global level and in particularl the introduction of Common Reporting Standard (CRS) by the Organisation for Economic Co-operation and Development (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). On May 6, 2014, forty-seven countries tentatively agreed on the CRS initiative, an agreement to share information on residents' assets and incomes automatically in conformation with the standard.
This practical 1 day course provides a thorough examination of both regimes, presenting a comparative review and analysis of key differences and common areas. You will learn about the requirements and solutions for complying with both regimes as well as about the key classifications, definitions and evaluations.
Key Topics Covered:
- Background to the FATCA/CRS reporting requirements
- Impact of FATCA/CRS on the Financial Services Industry
- Scope of FATCA/CRS Reporting
- Review and comparison of FATCA vs. CRS
- Reportable information and timelines
- Definition of Reporting Financial Institutions, classification and evaluation of different cases
- Review of Non-Reporting Financial Institutions
- Definition of Reporting Financial Accounts, classification and evaluation of different cases, exemptions
- Identifying Reportable Accounts
- Customer identification and classification process
- Due Diligence Process
- Creating Rulemap
- Best practices in working with and complying with 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 the reporting
- Key success factor for delivering FATCA/CRS
- Implementation challenges
The Course Director is an experienced leader, investment banking professional and subject matter expert with strong commercial acumen and over 18 years experience overseeing global business intelligence, regulatory programmes and data/predictive analysis science programmes across North America, EMEA, Asia and Emerging Markets for tier 1 Investment and Asset Management banks such as Deutsche Bank (Asset Management & Investment Bank), ABN AMRO Asset Management, UBS (Private Wealth & Investment Bank), Bank of New York Asset Management, JP Morgan Asset Management and HSBC Investment Bank, RBS Investment Bank and Amoo Venture Capital Advisory.
For more information about this training visit https://www.researchandmarkets.com/research/sznzvq/crs_and_fatca?w=4