EIMF subject-matter experts deliver engaging and interactive courses across a broad spectrum of areas, that can be enjoyed in the comfort of your own chosen environment. Read more
The aim of this programme is to analyse the two main regulations currently in place regarding the automatic exchange of financial account information for tax purposes, namely the United States’ Foreign Account Tax Compliance Act and the OECD’s Common Reporting Standard, as well as the impact of their provisions on financial institutions.
Both FATCA and CRS are presently global transparency initiatives that require Foreign Financial Institutions to automatically report financial account information of specific account holders that are subject to reporting, as per the content of the regulations. Financial Institutions are instructed to implement exhaustive due diligence measures intending to hinder any attempt by account holders to bypass the reporting. The FATCA and CRS obligations are therefore an expansion of the pre-existing know-your-customer (KYC) requirements that Financial Institutions have to fulfil, mainly due to the added need for constant monitoring and reviewing of account holders’ information and accounts, whereas KYC processes often simply follow a model of periodic reviews based on clients’ risk-rating.
Training Objectives
- To Identify the development stages of the automatic information exchange regulation system
- To Understand and analyse the FATCA and CRS reporting regulations and to assess their impact on financial institutions.
- To Examine and compare the mechanisms of FATCA and CRS in order to reveal their advantages and disadvantages for further improvement of the CRS mechanism.
- To develop measures to enforce the obligations of information transfer within the framework of automatic information exchange.
- To Develop methods for assessing the effectiveness of the effect of automatic exchange on the effect of erosion of the tax base.
Training Outline
- Analysis of the FATCA and CRS regulations and Assessment of their impact on financial institutions
- An in-depth exposition of the concept of automatic exchange of financial account information for tax purposes,
- A description of FATCA and CRS
- A summary of FATCA and CRS provisions and a breakdown of their domestic and international legal frameworks.
- Analysis of the main differences between both regulations.
- Assessment of the impact created by the introduction of the new regulatory requirements on financial institutions.
- Review the current state of FATCA and CRS
- Suggestions to optimize AEOI in tax matters
Who should attend
- 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
The programme is also ideal for all those who aim to obtain their CPD training, as required by CySEC, CyBAR, and the ICPAC.
Industry Expert | Demetris Savvides
“Demetris Savvides holds degrees in law, management and criminology and has been a lecturer in for more than nine years in the field of business law and management having taught numerous courses in business, corporate, taxation, GDPR and criminology, with an extensive record in academic publications in internationally renowned business journals. In addition, Demetris Savvides is an experienced corporate lawyer helping hundreds of companies in their normal functioning, engaging in transactional and legal advisory including advisory relating to day-to-day business regulatory issues, GDPR implementation matters, and corporate tax planning. Tending to clients, both domestic and international, Demetris Savvides has gained vast experience in dealing with business matters right from inception and catering to the regular corporate and compliance needs for successful functioning to empowering companies to scale to their potential.
Demetris Savvides has had a notable track record of advising clients in corporate transactions that are vital for their business. His overall commercial corporate experience has both the in-depth knowledge of business laws and corporate finance as well as the practical advantage of for providing all-round service to the companies, which encompasses corporate commercial and tax structuring of a business whether domestic or through foreign investment, process incorporation via sustainable models which optimize the needs of the business, day to day compliance process for smooth functioning, ensure optimum use and action of corporate finance, as well as strategizing takeovers or winding up at appropriate junctures”.
Training Style
The programme is designed to deliver knowledge and enhance participants’ skills via short lectures, case-studies, practical examples, real-life simulations. Most of the training will focus in assessing participants’ current strengths and weaknesses via formal assessment tools. Participants will also benefit from customised feedback at the end of the programme and take away the knowledge gained to be transferred at their workplace. Most of the training’s time will be invested in analysing a real-life case study that will help participants understand how to solve problems in similar occasions. 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.
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.
