Course Outline
Introduction to CRS and Global Tax Transparency
- The history and objectives of the CRS and Automatic Exchange of Information (AEOI).
- Identification of Reporting Financial Institutions and the scope of reportable accounts.
- The relationship between CRS and FATCA, highlighting overlapping and distinct requirements.
Legal & Regulatory Framework
- Jurisdictional implementation models and relevant legal instruments, such as MCAs and domestic legislation.
- Recent consolidated texts and amendments affecting due diligence and scope.
- Compliance obligations, regulatory timelines, and penalties for non-compliance.
Due Diligence Fundamentals: Identifying Tax Residency
- Required documentation, including self-certifications and reliable documentary evidence.
- Indicia search procedures applicable to new and pre-existing accounts.
- Broader due diligence approaches and the use of AML/KYC information to determine tax residency.
Operationalizing CRS: Onboarding, Data Capture, and Systems
- Integrating CRS checks into client onboarding and periodic review workflows.
- Essential data elements for reporting, along with practical strategies for data quality and retention.
- Evaluating automation and vendor tools versus manual processes, with specific considerations for service providers.
FATCA-like Requirements and Comparative Best Practices
- Key similarities with FATCA, including classification, reporting mechanics, and the treatment of entities and beneficiaries.
- Distinctions to consider, such as scope, bilateral versus multilateral implementation, and jurisdictional variations.
- Practical mapping exercises: adapting FATCA controls to create CRS-compliant processes.
Reporting, Exchange Mechanisms, and Audit Readiness
- Report formats, transmission channels, and jurisdictional submission requirements.
- Preparing for audits and regulator reviews through proper documentation, traceability, and evidence of due diligence.
- Sample reporting workflows and reconciliation checks.
Risk Management, Governance, and Internal Controls
- Developing governance frameworks, policies, and segregation of duties for CRS compliance.
- Training, quality assurance, and exception handling for complex and entity accounts.
- Remediation pathways and multi-jurisdiction coordination for legacy accounts.
Practical Labs and Case Studies
- Lab: Review and validate sample account files and self-certifications to determine reportability.
- Lab: Configure a simple data-extraction and reporting checklist to produce a mock CRS XML extract.
- Case study: Managing complex entity structures, trusts, and controlling persons under CRS rules.
Summary and Next Steps
Requirements
- An understanding of financial services or compliance functions.
- Familiarity with fundamental tax concepts and customer onboarding procedures.
- Experience with AML/KYC processes is beneficial but not mandatory.
Audience
- Compliance officers and legal teams.
- Staff involved in 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
