Automatic Exchange of Information (“AEOI”) has a direct impact on customers of Financial Institutions (‘FI’) and requires front-line client facing teams to be fully trained in managing relationships in a Common Reporting Standard (“CRS”) compliant manner. Customers’ details will be provided to HMRC and then forwarded to over 100 tax authorities across the globe. As the information will form the basis of tax enquiries, inaccurate reporting will seriously affect an FI’s reputation with its customers and the regulators.
This practical 1-day course provides an examination of both FATCA and CRS regulations. You will learn about the requirements and practical solutions for compliance, reporting obligations, customer classification process and due diligence, as well as how to set up effective framework and operational and governance practices. Conducted by experts with many years of practical experience from the sector you will have a chance to learn about the best practices and compliance standards.
The training course is suitable for front-office staff members, compliance/legal, finance and operations staff, as well as independent consultants requiring carrying specific tasks.
What will you learn
By the end of the programme you will:
- Understand the scope and impact of FATCA/CRS reporting regimes as well as differences and similarities between them
- Learn about customer identification, due diligence and classification
- Understand the reporting requirements for entities and accounts in scope
- Learn the best compliance and reporting practices
- Implementation strategies for FATCA/CRS frameworks
- Full understanding for the front-line staff of the change in their role and responsibilities as required by CRS regime (i.e., on-boarding, indicia and associated curing, reporting)
- The impact of FATCA and CRS on your work routine
Course Content
- Background to the AEoI regimes and key differences
- Impact of FATCA/CRS on the Financial Services Industry
- Reportable information and timelines
- Entities and accounts in scope
- Customer due diligence: new accounts, pre-existing accounts and on-going monitoring
- Practical aspects including classification of reportable institutions and clients
- Due diligence requirements and identification of reportable accounts
- Indicia and associated curing
- Best practices and practical reporting considerations
- Setting up effective governance framework
- Controls over the reporting process
- Key factors for FATCA and CRS reporting and compliance obligations
- Implementation challenges
- Role of the relationship manager
- Notification obligations to customers
- Reporting obligations and schemas
- Use of reported information by tax authorities
Speakers
The course is delivered by Ali is a leading expert in the field of banking group taxes, with extensive exposure gained as Head of Tax at Barclays Global Investors, which included the development of in-house tax policies and tax technical interpretations. He is a Chartered Tax Adviser with over 25 years’ experience in both Big 4 and industry. Ali is a regular speaker at conferences has also written on wide range of topics including QI, AEoI (FATCA, CDOT and CRS).
The programme was prepared by Chris Orchard who chaired the FATCA working group at the OECD and devised the CRS regulations. Chris authored the first CRS guidance manual whilst he was a senior lead at the UK tax authority, HMRC. Chris provides FATCA and CRS technical guidance and performs HMRC-style audits for international financial firms.
Who Should Attend
This one-day program is relevant for:
- Financial Officers
- Compliance Officers
- Risk Management Professionals
- External & Internal Auditors
- Operations Managers / Officers
- Project Managers
- Back Office Professionals
- Wealth Managers and Private Banking Professionals
- Lawyers
- Consultants
- Accountants
- Staff with roles and responsibilities in operational, businesses and central departments
