Course Outline

Introduction

  • CRS as a "successor" to FATCA
  • How Automatic Exchange of Information (AEOI) works
  • Driving principle: reporting foreign tax residents to their tax administrations

Initiating a CRS Implementation Project

  • Implementation roadmap
  • Assembling and training the CRS project team
  • Outlining CRS procedures
  • Modifying contractual terms and agreements
  • Setting up classification and reporting systems
  • Achieving data collection readiness
  • Registering with local authorities

Technical Aspects of Compliance

  • Back office and IT requirements
  • Data collection and exchange

Overview of XML Document Formats Used in CRS

  • Viewing .xsd and .xml files
  • CRS elements and attribute names
  • Other terminology

Converting Non-XML Files to XML Format

  • Converting MS Excel data to XML data
  • Converting other formats to XML

Working with CRS XML Schema

  • FATCA XML schema as a blueprint for the CRS reporting schema
  • Structure of CRS XML Schema
  • Validation elements for automated validation checks
  • Information required in data elements
  • Correcting data items to allow for automatic processing

Locating Required Information in CRS XML Schema

  • Financial data that needs to be reported
  • Locating the data elements

Working with CRS Status Message XML Schema

  • Structure of CRS Status Message XML Schema
  • Validating CRS XML Schema
  • Processing file errors (fundamental errors)
  • Processing record errors (data quality errors)
  • Reporting errors

Customizing the Standard Reporting Schema

  • Tailoring to local reporting requirements

How CRS Information is Exchanged

  • Sample sequence of exchanges between jurisdictions
  • Preparing and sending a request
  • Receiving and checking a request  
  • Gathering the requested information  
  • Replying to the request
  • Providing feedback

Approaches to Filing

  • Manual vs automated processes for CRS reporting
  • Self-developed CRS reporting systems
  • External packages that integrate with organisation's systems
  • Online solutions for CRS reporting
  • Outsourcing CRS reporting

Communication with Clients and Tax Administrations

  • Reporting what data has been transmitted to the authorities

Addressing Technical and Operational Challenges

Leveraging Resources

  • Project managers and tax and compliance experts
  • Previous FATCA implementation projects
  • Documented procedures
  • Technical systems

Advanced Topics

  • Crafting sample CRS XML files by hand (for technical teams)

Closing Remarks

Requirements

  • General understanding of financial reporting and tax compliance.
  • General computer experience.
  • General understanding of file formats (e.g., Excel).

Audience

  • Financial institution managers
  • Regulatory compliance managers and consultants
  • Tax administrators
  • IT support engineers
  14 Hours
 

Testimonials

Related Courses

Anti-Money Laundering (AML) and Combating Terrorist Financing (CTF)

  14 hours

eCommerce Fraud Strategy for Managers

  14 hours

Compliance and the Management of Compliance Risk

  21 hours

The Compliance and MLRO Refresher Programme

  7 hours

Corporate Governance

  7 hours

Credit Risk Management for Consumer Lending

  21 hours

Financial Analysis in Excel

  14 hours

Investment Banking: Introduction to Structured Products

  21 hours

Financial Markets

  14 hours

Management of Compliance Risk in China

  21 hours

Overview of Structured Products

  14 hours

MATLAB Fundamentals + MATLAB for Finance

  35 hours

kdb+ and q: Analyze Time Series Data

  21 hours

Chain Core: Issue Financial Assets on Permissioned Blockchain Infrastructure

  7 hours

Machine Learning for Banking (with R)

  28 hours