Course Outline
Introduction to CRS and Global Tax Transparency
- History and purpose of the CRS and Automatic Exchange of Information (AEOI).
- Identifying who must report: Reporting Financial Institutions and the scope of reportable accounts.
- Relationship between CRS and FATCA, including overlapping and differing requirements.
Legal & Regulatory Framework
- Jurisdictional implementation models and legal instruments, such as MCAA and 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, including self-certifications and reliable documentary evidence.
- Indicia search procedures for new and pre-existing accounts.
- Broader due diligence approaches and using AML/KYC information to determine tax residence.
Operationalizing CRS: Onboarding, Data Capture, and Systems
- Integrating CRS checks into client onboarding and periodic review workflows.
- Required data elements for reporting and strategies for data quality and retention.
- Comparison of automation and vendor tools versus manual processes, with considerations for service providers.
FATCA-like Requirements and Comparative Best Practices
- Commonalities with FATCA, including classification, reporting mechanics, and entity/beneficiary treatment.
- Differences to account for, such as scope, bilateral vs. multilateral implementation, and jurisdictional variance.
- Practical exercises to map FATCA controls into CRS-compliant processes.
Reporting, Exchange Mechanisms, and Audit Readiness
- Formats and transmission channels for CRS reports, along with jurisdictional submission requirements.
- Preparing for audits and regulator reviews through documentation, traceability, and due diligence evidence.
- 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 or entity accounts.
- Remediation pathways and multi-jurisdiction coordination for legacy accounts.
Practical Labs and Case Studies
- Lab: Review and validate sample account files and self-certifications to determine reportability.
- Lab: Configure a basic data-extraction and reporting checklist to produce a mock CRS XML extract.
- Case study: Managing complex entity structures, trusts, and controlling persons under CRS rules.
Summary and Next Steps
Requirements
- Understanding of financial services or compliance functions.
- Familiarity with basic tax concepts and customer onboarding.
- 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.
Testimonials (4)
How to manage business financials
surprise mtileni - Hatima Holdings (Pty) ltd
Course - Learning Xero
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
The trainer did not leave a single minute unexploited! He was up a storm throughout every lesson and provided much material for whatever he dealt with.
