Course Outline
Introduction to CRS and Global Tax Transparency
- The origins and objectives of the CRS and the Automatic Exchange of Information (AEOI).
- Defining Reporting Financial Institutions and the scope of reportable accounts.
- Understanding the relationship between CRS and FATCA, highlighting overlaps and distinct requirements.
Legal & Regulatory Framework
- Jurisdictional implementation models and associated legal instruments, including Multilateral Competent Authority Agreements (MCAA) and domestic laws.
- Recent consolidated texts and amendments that affect due diligence and scope.
- Compliance duties, statutory timelines, and penalties associated with non-compliance.
Due Diligence Fundamentals: Identifying Tax Residency
- Essential documentation requirements, including self-certifications and reliable documentary proof.
- Procedures for conducting indicia searches on new and pre-existing accounts.
- Utilizing a broader due diligence approach and leveraging AML/KYC data to ascertain tax residency.
Operationalizing CRS: Onboarding, Data Capture, and Systems
- Embedding CRS verification into client onboarding and periodic review workflows.
- Key data elements for reporting and strategies for ensuring data quality and retention.
- Evaluating automation and vendor tools against manual processes, with specific considerations for service providers.
FATCA-like Requirements and Comparative Best Practices
- Shared elements with FATCA, such as classification, reporting mechanics, and the treatment of entities and beneficiaries.
- Key differences to consider, including scope, bilateral versus multilateral implementation, and jurisdictional variations.
- Practical mapping exercises to adapt FATCA controls into CRS-compliant processes.
Reporting, Exchange Mechanisms, and Audit Readiness
- Standard formats and transmission channels for CRS reporting, along with jurisdiction-specific submission rules.
- Preparing for audits and regulatory reviews through robust documentation, traceability, and evidence of due diligence.
- Examples of reporting workflows and reconciliation checks.
Risk Management, Governance, and Internal Controls
- Establishing governance frameworks, policies, and segregation of duties to support CRS compliance.
- Implementing training, quality assurance, and exception handling for complex or entity-based accounts.
- Remediation strategies and multi-jurisdiction coordination for legacy accounts.
Practical Labs and Case Studies
- Lab: Evaluate and verify sample account files and self-certifications to determine reportability.
- Lab: Set up a basic data-extraction and reporting checklist and generate a mock CRS XML extract.
- Case study: Managing complex entity structures, trusts, and controlling persons under CRS regulations.
Summary and Next Steps
Requirements
- A solid grasp of financial services or compliance operations.
- A familiarity with foundational tax principles and customer onboarding procedures.
- Experience with AML/KYC processes is advantageous but not mandatory.
Target Audience
- Compliance officers and legal department members.
- Staff responsible for onboarding, KYC, and client due diligence.
- Tax reporting and operations teams within financial institutions.
Testimonials (3)
How to manage business financials
surprise mtileni - Hatima Holdings (Pty) ltd
Course - Learning Xero
Flexibility in the course delivery and the interactive approach. The trainer was open to questions, clarified doubts clearly and also considered participants suggestions during the sessions. The training was well structured and informative.
Soundarya Mohan - Mizuho Bank Europe N.V.
Course - Financial Analysis in Excel
Good communication, open for discussion, kept it interesting and engaging
