Training course on FATCA (Foreign Account Tax Compliance Act) and CRS (Common Reporting Standard) Reporting

Module 1: Introduction to FATCA and CRS

Background and objectives of FATCA and CRS

Role in combating tax evasion and promoting transparency

Key similarities and differences between FATCA and CRS

Module 2: Regulatory and Legal Framework

FATCA obligations under U.S. law and intergovernmental agreements (IGAs)

CRS framework under the OECD initiative

Enforcement, penalties, and reputational risks

Module 3: Reporting Financial Institutions and Accounts

Definition of Reporting Financial Institutions (RFIs)

Identifying reportable accounts and account holders

Treatment of individuals, entities, and passive non-financial entities (NFEs)

Module 4: Due Diligence and Client Onboarding

Customer identification and self-certification processes

Documentation requirements (W-8, W-9, CRS self-certification forms)

Ongoing due diligence and monitoring obligations

Module 5: Reporting Requirements and Processes

Reporting formats (XML schema for FATCA and CRS)

Reporting timelines and submission to local tax authorities

Handling corrections, errors, and rejected reports

Module 6: Data Management and Technology in Reporting

Role of IT systems in FATCA and CRS compliance

Data validation, security, and automation tools

Integrating reporting into existing compliance frameworks

Module 7: Compliance Risk Management

Designing internal policies and procedures

Conducting gap analysis and compliance testing

Role of audits and independent reviews

Module 8: Case Studies and Practical Exercises

Review of FATCA/CRS enforcement actions

Case study: identifying reportable accounts from sample client files

Workshop: preparing and validating a sample FATCA/CRS report