Course Outline
Introduction to CRS and Global Tax Transparency
- Background and objectives of the CRS and the Automatic Exchange of Information (AEOI) mechanism
- Identification of reporting entities: Reporting Financial Institutions and the scope of reportable accounts
- Analysis of the relationship between CRS and FATCA, highlighting areas of convergence and divergence
Legal & Regulatory Landscape
- Jurisdictional implementation models and governing legal instruments, including MCAA and domestic legislation
- Impact of recent consolidated texts and amendments on due diligence and scope
- Compliance mandates, regulatory timelines, and penalties associated with non-adherence
Due Diligence Fundamentals: Determining Tax Residency
- Essential documentation requirements, encompassing self-certifications and reliable documentary evidence
- Procedures for indicia searches applicable to both new and pre-existing accounts
- Broader due diligence strategies utilizing AML and KYC data to ascertain tax residence
Operationalizing CRS: Onboarding, Data Capture, and Systems
- Integration of CRS checks into client onboarding and periodic review workflows
- Required data elements for reporting, along with practical strategies for data quality and retention
- Evaluation of automation and vendor tools versus manual processes, with specific considerations for service providers
FATCA-like Requirements and Comparative Best Practices
- Key similarities with FATCA, including classification, reporting mechanics, and the treatment of entities and beneficiaries
- Notable differences to address, such as scope, bilateral versus multilateral implementation, and jurisdictional variations
- Practical mapping exercises to transition FATCA controls into CRS-compliant processes
Reporting, Exchange Mechanisms, and Audit Readiness
- Reporting formats and transmission channels; specific jurisdictional submission requirements
- Strategies for audit and regulator review preparation, focusing on documentation, traceability, and due diligence evidence
- Illustrative reporting workflows and reconciliation verification steps
Risk Management, Governance, and Internal Controls
- Development of governance frameworks, policies, and segregation of duties protocols for CRS compliance
- Implementation of training, quality assurance, and exception handling procedures for complex and entity accounts
- Remediation strategies and multi-jurisdiction coordination for legacy account management
Practical Labs and Case Studies
- Lab: Examine and validate a selection of sample account files and self-certifications to determine reportability
- Lab: Establish a basic data extraction and reporting checklist; generate a mock CRS XML extract
- Case study: Navigating complex entity structures, trusts, and controlling persons under CRS regulations
Conclusion and Future Directions
Requirements
- A foundational understanding of financial services or compliance functions
- Familiarity with basic tax concepts and customer onboarding processes
- Exposure to AML and KYC processes is advantageous but not mandatory
Audience
- Compliance officers and legal teams
- Professionals 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
