Course Outline
Introduction to CRS and Global Tax Transparency
- The history 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
- Exploring jurisdictional implementation models and legal instruments, including the MCAA and domestic legislation.
- Reviewing recent consolidated texts and amendments that affect due diligence and scope.
- Understanding compliance obligations, deadlines, and the penalties associated with non-compliance.
Due Diligence Fundamentals: Identifying Tax Residency
- Examining required documentation, such as self-certifications and reliable documentary evidence.
- Implementing indicia search procedures for both new and pre-existing accounts.
- Adopting a broader due diligence approach, utilizing 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 required data elements for reporting and strategies for maintaining data quality and retention.
- Evaluating the use of automation and vendor tools versus manual processes, with specific considerations for service providers.
FATCA-like Requirements and Comparative Best Practices
- Identifying commonalities with FATCA, including classification, reporting mechanics, and the treatment of entities and beneficiaries.
- Anticipating differences in scope, implementation models (bilateral vs. multilateral), and jurisdictional variations.
- Engaging in practical mapping exercises to translate FATCA controls into CRS-compliant processes.
Reporting, Exchange Mechanisms, and Audit Readiness
- Reviewing CRS report formats, transmission channels, and jurisdictional submission requirements.
- Preparing for audits and regulatory reviews through effective documentation, traceability, and evidence of due diligence.
- Examining sample reporting workflows and reconciliation checks.
Risk Management, Governance, and Internal Controls
- Structuring governance frameworks, policies, and segregation of duties to support CRS compliance.
- Establishing training, quality assurance, and exception handling protocols for complex and entity accounts.
- Developing remediation pathways and coordinating multi-jurisdiction efforts for legacy accounts.
Practical Labs and Case Studies
- Lab: Analyze and validate sample account files and self-certifications to determine reportability.
- Lab: Set up a data-extraction and reporting checklist to generate a mock CRS XML extract.
- Case study: Manage complex entity structures, trusts, and 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 procedures.
- Experience with AML/KYC processes is advantageous 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
