Course Outline
Introduction to CRS and Global Tax Transparency
- The history and purpose of CRS and the Automatic Exchange of Information (AEOI).
- 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 MCAA 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
- Required documentation: self-certifications and reliable documentary evidence.
- Indicia search procedures for new and pre-existing accounts.
- Utilizing a wider approach to due diligence and 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.
- Data elements required for reporting and practical approaches to data quality and retention.
- Evaluating automation and vendor tools versus manual processes, with considerations for service providers.
FATCA-like Requirements and Comparative Best Practices
- Key commonalities with FATCA, including classification, reporting mechanics, and the treatment of entities and beneficiaries.
- Areas of divergence 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; jurisdictional submission requirements.
- Preparing for audits and regulator reviews: documentation, traceability, and evidence of due diligence.
- Sample reporting workflows and reconciliation checks.
Risk Management, Governance, and Internal Controls
- Designing governance frameworks, policies, and segregation of duties for CRS compliance.
- Training, quality assurance, and exception handling for complex or 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: Configure a simple data-extraction and reporting checklist and produce a mock CRS XML extract.
- Case study: Handling 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
- Experience with AML/KYC processes is beneficial 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 (4)
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.
