European Institute of Management and Finance | CRS & FATCA Compliance & Reporting
43397
product-template-default,single,single-product,postid-43397,woocommerce,woocommerce-page,woocommerce-no-js,ajax_fade,page_not_loaded,,columns-4,qode-child-theme-ver-1.0.0,qode-theme-ver-6.7,wpb-js-composer js-comp-ver-4.12,vc_responsive

CRS & FATCA Compliance & Reporting

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.

 

 

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

 

Seminar Content

 

  • 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
  • Revenue’s perspectives on CRS and its implementation in Cyprus
  • 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

 

 

Who should attend

Employees and executives of financial entities (banks, CIFs, Investment Managers, etc), Lawyers, Accountants, compliance, operations, risk, tax. Also, those that aim to obtain their CPD training, as required by CySEC, CyBAR, and the ICPAC.