Course Outline
Introduction to CRS and International Tax Transparency
- The origin and objectives of the CRS and the Automatic Exchange of Information (AEOI) regime
- Identification of reporting entities: scope of Reporting Financial Institutions and reportable accounts
- The relationship between CRS and FATCA, highlighting areas of convergence and divergence
Legal and Regulatory Landscape
- Models for jurisdictional adoption and applicable legal frameworks (including MCAs and domestic laws)
- Current consolidated texts and amendments affecting due diligence scopes
- Compliance mandates, statutory deadlines, and consequences of non-adherence
Foundations of Due Diligence: Determining Tax Residency
- Mandatory documentation: handling self-certifications and obtaining reliable documentary evidence
- Procedures for indicia searches applicable to both new and pre-existing accounts
- Broadening the due diligence approach by leveraging AML/KYC data to ascertain tax residence
Operational Integration: Onboarding, Data Management, and Systems
- Embedding CRS verification steps into client onboarding and recurring review cycles
- Essential data fields for reporting, along with strategies for maintaining data integrity and retention
- Evaluating automation and vendor solutions against manual processes, with specific considerations for service providers
FATCA-Parallel Requirements and Comparative Best Practices
- Commonalities with FATCA, such as entity classification, reporting mechanics, and beneficiary treatment
- Key differences to anticipate, including scope variations and bilateral versus multilateral implementations
- Practical mapping exercises: translating FATCA controls into CRS-compliant procedures
Reporting Mechanics, Exchange Protocols, and Audit Preparedness
- Standard formats and transmission channels for CRS reports, alongside jurisdictional submission protocols
- Preparing for audits and regulatory examinations: maintaining documentation, ensuring traceability, and evidencing due diligence
- Illustrative reporting workflows and reconciliation procedures
Risk Oversight, Governance, and Internal Controls
- Establishing governance structures, policies, and duty segregation for CRS adherence
- Training, quality assurance, and exception management for complex and entity accounts
- Strategies for remediating legacy accounts and coordinating across multiple jurisdictions
Practical Workshops and Case Analyses
- Workshop: Examining and verifying sample account files and self-certifications to assess reportability
- Workshop: Setting up a basic data extraction and reporting checklist to generate a simulated CRS XML output
- Case study: Navigating complex entity structures, trusts, and controlling persons under CRS provisions
Conclusion and Future Directions
Requirements
- Foundational knowledge of financial services or compliance operations
- Basic understanding of tax principles and client onboarding processes
- Proficiency in AML/KYC procedures is advantageous but not mandatory
Target Audience
- Compliance professionals and legal counsel
- Personnel responsible for onboarding, KYC, and client due diligence
- Tax reporting and operational teams within financial organizations
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
