Course Outline
Introduction to CRS and Global Tax Transparency
- The history and objectives of the CRS and Automatic Exchange of Information (AEOI).
- Identifying who must report: Reporting Financial Institutions and the scope of reportable accounts.
- Understanding the relationship between CRS and FATCA, including overlapping and distinct requirements.
Legal & Regulatory Framework
- Jurisdictional implementation models and legal instruments, such as MCCAs and domestic legislation.
- Recent consolidated texts and amendments affecting due diligence and scope.
- Compliance obligations, timelines, and penalties for non-compliance.
Due Diligence Fundamentals: Identifying Tax Residency
- Essential documentation: self-certifications and reliable documentary evidence.
- Indicia search procedures for both new and pre-existing accounts.
- A broader approach to due diligence, utilizing AML/KYC information to establish tax residence.
Operationalizing CRS: Onboarding, Data Capture, and Systems
- Integrating CRS checks into client onboarding and periodic review workflows.
- Reporting data elements and practical strategies for data quality and retention.
- Comparing automation and vendor tools versus manual processes, including considerations for service providers.
FATCA-like Requirements and Comparative Best Practices
- Key similarities with FATCA regarding classification, reporting mechanics, and the treatment of entities and beneficiaries.
- Differences to consider, such as scope, bilateral versus multilateral implementation, and jurisdictional variance.
- Practical mapping exercises: 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 regulator reviews through documentation, traceability, and evidence of due diligence.
- Sample reporting workflows and reconciliation checks.
Risk Management, Governance, and Internal Controls
- Developing governance frameworks, policies, and segregation of duties for CRS compliance.
- Training, quality assurance, and exception handling for complex/entity accounts.
- Remediation pathways and multi-jurisdiction coordination for legacy accounts.
Practical Labs and Case Studies
- Lab: Review and validate sample account files and self-certifications to determine reportability.
- Lab: Set up a basic data-extraction and reporting checklist to generate a mock CRS XML extract.
- Case study: Managing complex entity structures, trusts, and controlling persons under CRS rules.
Summary and Next Steps
Requirements
- Working knowledge of financial services or compliance functions.
- Familiarity with fundamental tax concepts and customer onboarding.
- Experience with AML/KYC processes is advantageous but not mandatory.
Target Audience
- Compliance officers and legal teams.
- Staff involved in onboarding, KYC, and client due diligence.
- Tax reporting and operations teams within financial institutions.
Testimonials (3)
How to manage business financials
surprise mtileni - Hatima Holdings (Pty) ltd
Course - Learning Xero
Flexibility in the course delivery and the interactive approach. The trainer was open to questions, clarified doubts clearly and also considered participants suggestions during the sessions. The training was well structured and informative.
Soundarya Mohan - Mizuho Bank Europe N.V.
Course - Financial Analysis in Excel
Good communication, open for discussion, kept it interesting and engaging