Course Outline
Introduction to CRS and Global Tax Transparency
- The history and objectives of CRS and the Automatic Exchange of Information (AEOI)
- Identifying Reporting Financial Institutions and the scope of reportable accounts
- The relationship between CRS and FATCA, including overlaps and differences in requirements
Legal and Regulatory Framework
- Jurisdictional implementation models and relevant legal instruments, such as the MCAA and domestic legislation
- Impact of recent consolidated texts and amendments on due diligence and scope
- Compliance obligations, deadlines, and consequences of non-compliance
Due Diligence Fundamentals: Identifying Tax Residency
- Essential documentation, including self-certifications and reliable documentary evidence
- Indicia search procedures applicable to both new and pre-existing accounts
- Broadening the due diligence approach by leveraging AML and KYC data to determine tax residency
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 maintaining data quality and retention
- Comparing automation and vendor tools with manual processes, with considerations for service providers
FATCA-like Requirements and Comparative Best Practices
- Commonalities with FATCA, including classification, reporting mechanics, and the treatment of entities and beneficiaries
- Differences requiring strategic planning, such as scope, bilateral versus multilateral implementation, and jurisdictional variances
- Practical mapping exercises to translate FATCA controls into CRS-compliant processes
Reporting, Exchange Mechanisms, and Audit Readiness
- Reporting formats, transmission channels, and jurisdictional submission requirements
- Preparing for audits and regulatory reviews through proper documentation, traceability, and evidence of due diligence
- Examples of reporting workflows and reconciliation checks
Risk Management, Governance, and Internal Controls
- Establishing governance frameworks, policies, and segregation of duties for CRS compliance
- Training, quality assurance, and handling exceptions for complex or entity accounts
- Remediation strategies and coordinating across jurisdictions for legacy accounts
Practical Labs and Case Studies
- Lab: Reviewing and validating sample account files and self-certifications to determine reportability
- Lab: Configuring a basic data extraction and reporting checklist to generate a mock CRS XML extract
- Case study: Managing complex entity structures, trusts, and controlling persons under CRS rules
Summary and Next Steps
Requirements
- Basic understanding of financial services or compliance functions
- Familiarity with fundamental tax concepts and client onboarding
- Experience with AML and KYC processes 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
