Training Objectives

By the end of the programme, participants will:

• Understand the purpose and scope of the FATCA and CRS regimes
• Identify relevant compliance obligations for different types of Financial Institutions
• Develop a clear understanding of FATCA/CRS entity classifications
• Analyse entity circumstances to determine the appropriate FATCA/CRS classification
• Understand due diligence procedures and perform reasonableness assessments of self-certification forms
• Determine whether an account holder is reportable under FATCA and/or CRS
• Comprehend reporting obligations and acquire knowledge of reporting preparation and submission methods
• Learn best practices for overcoming common challenges with compliance
• Stay updated on recent changes and the future developments in FATCA and CRS compliance.

Training Outline

FATCA and CRS Objectives and Background

• Evolution of the Automatic Exchange of Information (AEOI) regimes
• Objectives and scope of the FATCA and CRS frameworks
• Overview of the impact and obligations for Financial Institutions and Non-Financial Entities

FATCA/CRS Entity Classification

• Definitions of Financial Institutions (FIs), Non-Financial Entities (Active/Passive NF(F)Es), various excepted statuses
• Identification of compliance obligations for different types of FIs

Due Diligence Requirements

• Procedures for Pre-existing, New, Individuals, and Entity accounts
• Self-certification forms & account opening procedures
• Conducting Reasonableness assessments
• Monitoring for changes in circumstances

Case Studies: Account Holder FATCA/CRS Classification and Reasonableness Assessment

• Practical real-world examples involving holding companies, trusts, funds/investment vehicles.

Reporting Requirements

• Regulatory Obligations: Identifying reportable accounts, understanding of reportable information, and adhering to timelines
• XML Schema reporting guidelines – Demonstration and walkthrough of XML preparation
• Practical software solutions for reporting compliance

Other Requirements

• Registration with US IRS and local authorities
• Withholding related obligations (FATCA Only)

Key Challenges in complying with requirements

• Common obstacles and best practices for effective compliance

Regulatory Updates and Future Trends

• Recent regulatory changes and insights into the future of FATCA and CRS compliance

Who should attend

• Employees and executives of financial institutions
• Compliance officers and professionals
• Internal Auditors
• Tax professionals
• Lawyers and legal professionals
• Risk professionals

Training Style

The training style is both training-focused, involving a combination of presentation and real-live examples, but also learner-focused, where participants are encouraged to raise questions, seek clarifications and share their opinions from their different perspectives and engage in an exchange of views and personal professional experiences.

CPD Recognition

This programme may be approved for up to 6 CPD units in Financial Regulation. Eligibility criteria and CPD Units are verified directly by your association, regulator or other bodies which you hold membership.

In-house Training

For groups within the same organisation, this course may be customized to meet any specific needs and delivered in-house.