Booking options
€150 - €270
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CRS & FATCA Compliance & Reporting
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Highlights
Live Online
6 CPD Units | 6 Hours
HRDA Subsidised
Course Overview
The Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS) have transformed the regulatory landscape for financial institutions globally. With 128 countries expected to adopt automatic information exchanges by 2028, and tax authorities intensifying checks and reviews of affected organisations, it is crucial for financial institutions to have up-to-date technical knowledge and effective tools for compliance.
This comprehensive programme provides participants with a practical understanding of the FATCA and CRS compliance frameworks, including refinements introduced with the implementation of the CRS Amendments/DAC8 requirements. It covers the obligations of financial institutions and non-financial entities, delves into entity classifications, and explains due diligence and reporting requirements. Participants will gain hands-on experience through case studies that demonstrate the practical application of these frameworks, including self-certification reasonableness assessments, entity classification, and reporting processes. The course also highlights key challenges, recent regulatory updates, and emerging trends to prepare participants for the future of FATCA and CRS compliance.
Training Objectives
By the end of the programme, participants will:
Understand the purpose and scope of the FATCA and CRS regimes
Identify relevant compliance obligations for different types of Financial Institutions
Develop a clear understanding of FATCA/CRS entity classifications
Analyse entity circumstances to determine the appropriate FATCA/CRS classification
Understand due diligence procedures and perform reasonableness assessments of self-certification forms
Determine whether an account holder is reportable under FATCA and/or CRS
Comprehend reporting obligations and acquire knowledge of reporting preparation and submission methods
Learn best practices for overcoming common challenges with compliance
Stay updated on recent changes and the future developments in FATCA and CRS compliance.
Training Outline
FATCA and CRS Objectives and Background
Evolution of the Automatic Exchange of Information (AEOI) regimes
Objectives and scope of the FATCA and CRS frameworks
Overview of the impact and obligations for Financial Institutions and Non-Financial Entities
FATCA/CRS Entity Classification
Definitions of Financial Institutions (FIs), Non-Financial Entities (Active/Passive NF(F)Es), various excepted statuses
Identification of compliance obligations for different types of FIs
Due Diligence Requirements
Procedures for Pre-existing, New, Individuals, and Entity accounts
Self-certification forms & account opening procedures
Conducting Reasonableness assessments
Monitoring for changes in circumstances
Case Studies: Account Holder FATCA/CRS Classification and Reasonableness Assessment
Practical real-world examples involving holding companies, trusts, funds/investment vehicles.
Reporting Requirements
Regulatory Obligations: Identifying reportable accounts, understanding of reportable information, and adhering to timelines
XML Schema reporting guidelines - Demonstration and walkthrough of XML preparation
Practical software solutions for reporting compliance
Other Requirements
Registration with US IRS and local authorities
Withholding related obligations (FATCA Only)
Key Challenges in complying with requirements
Common obstacles and best practices for effective compliance
Regulatory Updates and Future Trends
Recent regulatory changes and insights into the future of FATCA and CRS compliance
Who should attend
Employees and executives of financial institutions
Compliance officers and professionals
Internal Auditors
Tax professionals
Lawyers and legal professionals
Risk professionals
Training Style
The training style is both training-focused, involving a combination of presentation and real-live examples, but also learner-focused, where participants are encouraged to raise questions, seek clarifications and share their opinions from their different perspectives and engage in an exchange of views and personal professional experiences.
CPD Recognition
This programme may be approved for up to 6 CPD units in Financial Regulation. Eligibility criteria and CPD Units are verified directly by your association, regulator or other bodies which you hold membership.
In-house Training
For groups within the same organisation, this course may be customized to meet any specific needs and delivered in-house.
Facilitators
Elina Savvides
Elina is an experienced and dedicated professional in the areas of internal audit, regulatory compliance and investment advice, with a demonstrated history of over 15 years of working for and advising financial institutions. Her areas of expertise include internal audit, governance and internal control matters, regulatory compliance areas such as FATCA/CRS, DAC6, MiFID II/MiFIR, GDPR, AML, as well as investment consulting to pension funds. Elina started her career as an Investment Consultant with Aon London, providing advice to UK pension schemes on investment strategy, asset allocation, investment manager selection and portfolio monitoring/analysis. She then joined the Risk, Compliance and Regulation Advisory practice of PwC Cyprus, where she specialized on the provision of regulatory compliance services to Financial Institutions on areas including internal control, governance arrangements, MiFID/MiFIR, AML, Arrears Management, as well as assistance with licensing procedures of funds and investment firms. Additionally, as a Senior Manager at PwC Cyprus, she led the FATCA & CRS service offering, and also lead Internal Audit outsourcing engagements to clients in both Financial Services and other industries. Elina is currently a Senior Internal Auditor at Hellenic Bank, leading internal audit engagements on multiple regulatory framework areas, as well as conducting special investigations in relation to potential misconduct or breaches of legal/regulatory framework. She is also the GDPR liaison of the Bank’s Internal Audit unit. Throughout her career Elina has prepared and delivered multiple training sessions and seminars on her areas of expertise. Elina holds a BSc in Economics from University College London, and a Master of Philosophy (MPhil) in Finance from the University of Cambridge, and also holds the Chartered Financial Analyst (CFA) designation since 2013. Elina is a member of the CFA Institute, and the CFA Society in Cyprus, where she also serves as a member of the Financial Literacy Committee.