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
Testimonials (3)
The trainer was very knowledgeable and well prepared. I think we was very well capable to prepare a training that was suitable for our needs.
Sophia van den Broek - Triple Jump
Course - Corporate Governance
I generally enjoyed the activity after each topic.
JOCELYN BARTOLOME - Innovative Investors & Financing Co., Inc.; Innovative Investors & Financing Co., Inc.
Course - Credit Risk Management for Consumer Lending
Trainer, Richard was very good.