Course Outline
Introduction to CRS and Global Tax Transparency
- The historical context and objectives of the CRS and Automatic Exchange of Information (AEOI).
- Identifying Reporting Financial Institutions and defining the scope of reportable accounts.
- Analyzing the relationship between CRS and FATCA, highlighting areas of overlap and divergence.
Legal & Regulatory Framework
- Jurisdictional implementation models and associated legal instruments, including MCAs and domestic legislation.
- Review of recent consolidated texts and amendments that impact due diligence scopes.
- Understanding compliance obligations, critical timelines, and penalties associated with non-compliance.
Due Diligence Fundamentals: Identifying Tax Residency
- Reviewing required documentation, such as self-certifications and reliable documentary evidence.
- Conducting indicia searches for both new and pre-existing accounts.
- Applying a broader due diligence approach that leverages AML/KYC data to determine tax residence.
Operationalizing CRS: Onboarding, Data Capture, and Systems
- Embedding CRS checks into client onboarding and periodic review workflows.
- Identifying necessary data elements for reporting and establishing practical approaches to data quality and retention.
- Evaluating automation and vendor tools against manual processes, with specific considerations for service providers.
FATCA-like Requirements and Comparative Best Practices
- Exploring key commonalities with FATCA, including classification methods, reporting mechanics, and the treatment of entities and beneficiaries.
- Planning for differences such as scope, bilateral versus multilateral implementation, and jurisdictional variances.
- Engaging in practical mapping exercises to translate FATCA controls into CRS-compliant processes.
Reporting, Exchange Mechanisms, and Audit Readiness
- Examining formats and transmission channels for CRS reports, including jurisdictional submission requirements.
- Preparing for audits and regulatory reviews through robust documentation, traceability, and evidence of due diligence.
- Reviewing sample reporting workflows and reconciliation checks.
Risk Management, Governance, and Internal Controls
- Designing governance frameworks, policies, and segregation of duties tailored for CRS compliance.
- Implementing training, quality assurance, and exception handling protocols for complex entity accounts.
- Establishing remediation pathways and multi-jurisdiction coordination strategies for legacy accounts.
Practical Labs and Case Studies
- Lab: Review and validate a set of 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: Navigating complex entity structures, trusts, and the identification of controlling persons under CRS rules.
Summary and Next Steps
Requirements
- A solid understanding of financial services or compliance functions.
- Familiarity with fundamental tax concepts and customer onboarding processes.
- Experience with AML/KYC procedures is beneficial but not mandatory.
Target 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
