Learn US FATCA and Global CRS Regulatory Disclosures Requirements and best Reporting Practices across various Jurisdictions around the world. Practical 1 day workshop with exercises and specific data fields requirements.
This full day workshop provides a comprehensive and practical overview of the FATCA and CRS regimes, explaining the regulatory complexity and providing operational clarity for key obligations. The course explores the regulatory foundations of the regulations, key political drivers, and broadening jurisdictional scope of both frameworks. Key definitions of Financial Institutions, Reportable Persons, and Reportable Accounts, are discussed, and delegates are provided with the tools to accurately classify their client base and obligations.
The course focuses on key compliance imperatives such as due diligence. Step-by-step procedures are illustrated through practical exercises for both pre-existing and new accounts, and for individuals/entities, highlighting differences between FATCA’s indicia-based approach and CRS’s residency-based model. The workshop modules tackle the challenges of entity classification, using real-world case studies to navigate the complexities of Active vs. Passive NFEs and identification of Controlling Persons.
The course provides key insights into FATCA and CRS implementation and reporting by jurisdictions. The break-down of specific data fields required for Form 8966 and the CRS XML schema are provided, addressing common data gaps and validation issues. The workshop also addresses recent developments, including the new Crypto-Asset Reporting Framework (CARF) and the EU’s DAC7, preparing delegates for the next wave of regulatory change. Delegates will be able to achieve the knowledge and methodologies required for building a defensible compliance program, focusing on governance, audit trails, and the systems and controls necessary to mitigate risk and withstand regulatory scrutiny.
This full day workshop provides a comprehensive and practical overview of the FATCA and CRS regimes, explaining the regulatory complexity and providing operational clarity for key obligations. The course explores the regulatory foundations of the regulations, key political drivers, and broadening jurisdictional scope of both frameworks. Key definitions of Financial Institutions, Reportable Persons, and Reportable Accounts, are discussed, and delegates are provided with the tools to accurately classify their client base and obligations.
The course focuses on key compliance imperatives such as due diligence. Step-by-step procedures are illustrated through practical exercises for both pre-existing and new accounts, and for individuals/entities, highlighting differences between FATCA’s indicia-based approach and CRS’s residency-based model. The workshop modules tackle the challenges of entity classification, using real-world case studies to navigate the complexities of Active vs. Passive NFEs and identification of Controlling Persons.
The course provides key insights into FATCA and CRS implementation and reporting by jurisdictions. The break-down of specific data fields required for Form 8966 and the CRS XML schema are provided, addressing common data gaps and validation issues. The workshop also addresses recent developments, including the new Crypto-Asset Reporting Framework (CARF) and the EU’s DAC7, preparing delegates for the next wave of regulatory change. Delegates will be able to achieve the knowledge and methodologies required for building a defensible compliance program, focusing on governance, audit trails, and the systems and controls necessary to mitigate risk and withstand regulatory scrutiny.
Course Content
Timing: Start: 9 a.m. - Finish: 5 p. m.
Background & Policy Drivers: FATCA (2010) vs CRS (2014)
The Due Diligence hierarchy: new vs. pre-existing, individual vs.Entity Accounts
Core Data Fields: Individual Accounts, Entity Accounts, Controlling Persons
CRS Data Fields: The Common Standard, TIN Focus & Date of Birth, Jurisdictional Linking
Product Specific requirements (eg Cash Value Insurance)
Data Sourcing & Fragmentation - Client, Trustee, Partnership, Foundation, beneficial owner datasets, onboarding (KYC), trading, and custody system data challenges
CRS Avoidance & Non-Compliance Crackdowns
Speaker
The Training Director is an industry advisor and regulatory expert with over 24 years of experience in investment banking, private banking, wealth and asset management regulations and Regulatory Technology (RegTech). He is an industry expert in Financial Regulation, regulatory and tax reporting disclosures, and covers all the key banking and finance regulations across US, EMEA and APAC including CRS / FATCA, AML/Financial Crime, CASS, IFR/IFD, Dodd Frank, COREP/FINREP, Basel III, HKMA MAS and SFC, SMCR, and ESG Regulations.He combines experience in strategic regulatory topics including covering reporting and processes, and incorporating risk and governance policies.
His recent key engagements include banks such as HSBC, Deutsche Bank, JP Morgan and Barclays, and buy side firms such as T. Rowe Price, Ruffer, M&G and Investec Asset Management, to name a few. He is also a member and advisor of industry association committees for regulatory consultations with bodies such as ESMA, FCA, PRA/Bank of England and SEC.
