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Course Outline
Introduction to CRS and Global Tax Transparency
- History and purpose of the CRS and Automatic Exchange of Information (AEOI).
- Entities required to report: Reporting Financial Institutions and the scope of reportable accounts.
- The relationship between CRS and FATCA, highlighting areas of overlap and distinction.
Legal & Regulatory Framework
- Jurisdictional implementation models and legal instruments (Multilateral Competent Authority Agreement [MCAA], domestic legislation).
- Recent consolidated texts and amendments affecting due diligence and scope.
- Compliance obligations, timelines, and penalties for non-compliance.
Due Diligence Fundamentals: Identifying Tax Residency
- Required documentation: self-certifications and reliable documentary evidence.
- Indicia search procedures for new and pre-existing accounts.
- Enhanced due diligence approaches and the use of AML/KYC information to determine tax residence.
Operationalizing CRS: Onboarding, Data Capture, and Systems
- Integrating CRS checks into client onboarding and periodic review workflows.
- Data elements required for reporting and practical approaches to data quality and retention.
- Leveraging automation and vendor tools versus manual processes; considerations for service providers.
FATCA-like Requirements and Comparative Best Practices
- Key commonalities with FATCA (classification, reporting mechanics, treatment of entities and beneficiaries).
- Differences to plan for (scope, bilateral vs. multilateral implementation, jurisdictional variance).
- Practical mapping exercises: converting FATCA controls into CRS-compliant processes.
Reporting, Exchange Mechanisms, and Audit Readiness
- Formats and transmission channels for CRS reports; jurisdictional submission requirements.
- Preparing for audits and regulator reviews: documentation, traceability, and evidence of due diligence.
- Sample reporting workflows and reconciliation checks.
Risk Management, Governance, and Internal Controls
- Designing governance frameworks, policies, and segregation of duties for CRS compliance.
- Training, quality assurance, and exception handling for complex/entity accounts.
- Remediation pathways and multi-jurisdiction coordination for legacy accounts.
Practical Labs and Case Studies
- Lab: Review and validate a set of sample account files and self-certifications; determine reportability.
- Lab: Configure a simple data-extraction and reporting checklist; produce a mock CRS XML extract.
- Case study: Handling complex entity structures, trusts, and controlling persons under CRS rules.
Summary and Next Steps
Requirements
- A foundational understanding of financial services or compliance functions.
- Familiarity with basic tax concepts and customer onboarding procedures.
- Experience with AML/KYC processes is beneficial but not mandatory.
Audience
- Compliance officers and legal teams.
- Onboarding, KYC, and client due diligence staff.
- Tax reporting and operations teams within financial institutions.
14 Hours
Testimonials (3)
Good communication, open for discussion, kept it interesting and engaging
Ahmet Keyman - Keytrade AG
Course - Management Accounting and Finance for Non-Finance Professionals
Experience of the trainer and his way of conveying the content
Roggli Marc - Bechtle Schweiz AG
Course - FinOps
Experience and provide necessary information to the topics
