Course Outline
Introduction to CRS and Global Tax Transparency
- The history and objectives of CRS and Automatic Exchange of Information (AEOI)
- Reporting obligations: Identification of Reporting Financial Institutions and the scope of reportable accounts
- The relationship between CRS and FATCA, highlighting overlaps and distinctions
Legal & Regulatory Framework
- Jurisdictional implementation models and legal instruments (MCAA, domestic legislation)
- Recent consolidated texts and amendments affecting due diligence and scope
- Compliance duties, deadlines, and penalties for non-adherence
Due Diligence Fundamentals: Determining Tax Residency
- Essential documentation: self-certifications and reliable documentary evidence
- Indicia search protocols for both new and pre-existing accounts
- A broader due diligence approach leveraging AML/KYC information to establish tax residence
Operationalizing CRS: Onboarding, Data Capture, and Systems
- Embedding CRS checks into client onboarding and periodic review processes
- Data elements required for reporting, along with strategies for data quality and retention
- Evaluating automation and vendor tools against manual processes; implications for service providers
FATCA-like Requirements and Comparative Best Practices
- Shared characteristics with FATCA (classification, reporting mechanics, entity and beneficiary treatment)
- Distinctions to consider (scope, bilateral versus multilateral implementation, jurisdictional variations)
- Practical mapping exercises: adapting FATCA controls into CRS-compliant processes
Reporting, Exchange Mechanisms, and Audit Readiness
- CRS report formats and transmission channels; jurisdictional submission specifics
- Preparing for audits and regulatory reviews: documentation, traceability, and due diligence evidence
- Sample reporting workflows and reconciliation checks
Risk Management, Governance, and Internal Controls
- Developing governance frameworks, policies, and segregation of duties for CRS compliance
- Training, quality assurance, and exception management for complex/entity accounts
- Remediation strategies and multi-jurisdiction coordination for legacy accounts
Practical Labs and Case Studies
- Lab: Analyze and verify sample account files and self-certifications to determine reportability
- Lab: Set up 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
- A solid understanding of financial services or compliance operations
- Familiarity with fundamental tax principles and client onboarding
- Experience with AML/KYC processes is beneficial but not mandatory
Intended Audience
- Compliance officers and legal teams
- Personnel involved in onboarding, KYC, and client due diligence
- 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.
