Course Outline


  • 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


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


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