Understanding FATCA
- What is FATCA Exactly?
- Purpose of the FATCA regime
- The Scope of the Act
- Non-Compliance Consequences
- Types of FATCA Agreements
- Understand your responsibilities
- FATCA Governance Framework
- Registration and recertification steps.
Understanding CRS
- CRS Background
- Analyze the CRS requirements
- The differences between CRS and FATCA
FATCA and CRS In Practice
- How to Start?
- Who is subject and who is not?
- Build your database structure
- Remediate Your institutions' pre-existing Accounts
- Design & change Your customer onboarding process and KYC forms.
- Due-diligence procedures & Reasonableness tests.
- Tax Evasion Practices (Be Aware)
- How to deal with special Cases (Minor Accounts, Joint Accounts, POA, etc.)
- Recalcitrant Accounts and how to act
Documentation
- How to be smart in collecting data (Don’t Panic)?
- IRS FATCA forms and CRS Self-Certification
- How to verify (Avoid Report Rejection)
- How to Detect indicia and how to act
- Examples and case studies
Reporting
- Who is subject to FATCA & CRS reporting and who is not
- Types of Reports
- Timeline and Thresholds
- What to report
- Examples and cases
FATCA Responsible Officers, and Customers relations, in the following industries:
- Banking Industry
- Insurance and reinsurance Companies
- Brokerage agencies
- Other Depository Institutions
Workers in the supervisory authorities, e.g.:
- Central Banks
- Tax and Treasury Department
- Financial Sector Regulatory Authorities
- Financial Intelligence Units (FIUs)
- Related Ministries and governmental bodies
Workers in the (IT solution firms) who provide FATCA & CRS solutions.
Tax Consultants & Lawyers.
Offshore tax evasion is a serious global issue. Many countries have sought to protect the integrity of their tax systems and apply regulations similar to the FATCA regulations imposed by the USA for the benefit of their own state to collect information about their taxpayers across the globe. The CRS draws extensively on the intergovernmental approach to implementing FATCA. This program will assist you in understanding FATCA & CRS and how exactly candidates can implement their requirements, including Registration, Documentation, Due diligence, Implementation and reporting. Everything is explained easily in detail and followed with examples and cases studies. The study guide of this program is constructed in a very organized manner, utilizing the "Know-How" Concept to assist candidates in exercising the skills you obtain from the program in a very practical way.Issued by: Global Compliance Institute (GCI) / AUS