European Institute of Management and Finance | CRS & FATCA Compliance & Reporting
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CRS & FATCA Compliance & Reporting

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CRS & FATCA Compliance & Reporting

 

The Common Reporting Standard (CRS) is an effort led by the Organization of Economic Cooperation and Development (OECD) and aims to combat tax evasion by imposing mutual reporting obligations among participating countries. A large number of countries have signed the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Information, Cyprus being one of them. Practically speaking, reportable entities in one jurisdiction will need to identify and report foreign individuals and entities accounts holders, provided that the country where account holder has his tax residence participates in CRS.

 

The Foreign Account Tax Compliance Act (FATCA) is focused on strengthening information reporting and withholding compliance with respect to US persons who invest directly or indirectly through the ownership of foreign interests. To achieve its purposes, FATCA dictates non-US Financial Institutions to identify accounts falling under the FATCA scope and report certain details on these accounts to the US Authorities.

 

 

Training Objectives

 

  • Understand the scope and impact of CRS reporting
  • Differences and similarities between different reporting standards
  • Learn about customer identification and classification
  • Learn the best practices in complying with AEI / CRS
  • Implementation of the CRS framework
  • The best reporting practices
  • Data Standards and Importance of Reference Data
  • Implementation challenges and key success factors

 

 

Training Outline

 

  • The main provisions of CRS & FATCA
  • The key differences between CRS & FATCA
  • Their impact on Cyprus-based Financial Institutions
  • The IGA between Cyprus and the US for FATCA
  • The actions that CIFs and other Cyprus-based FIs need to undertake to comply with FATCA and CRS
  • Reportable entities
  • Reportable accounts
  • Deadlines
  • Exemptions
  • Obligations for financial institutions

 

 

Training Style

 

The training style will include the presentation of all the material using slides and handouts.  The trainer will use practical examples to elaborate various concepts as well as show various videos that highlight particular course concepts and encourage class discussion.  Participants will engage in exchange of ideas and sharing of knowledge on the subject matter.  Participants will also be able to ask questions and obtain clarifications from the trainer on all the material covered.

 

 

Who Should Attend

 

The programme offers essential knowledge to:

 

  • Employees and executives of financial entities (such as banks, CIFs, Investment Managers, etc)
  • Lawyers and legal professionals
  • Accountants
  • Compliance professionals
  • Operations Managers and Teams
  • Risk professionals
  • Tax Professionals