Automatic exchange of information (FATCA and CRS) - Advanced module - Focus on private banking
The Foreign Account Tax Compliance Act (FATCA) and the Common Reporting Standard constitute key tax transparency regulations that came into force respectively in 2014 and 2016. Both regulations have been transposed into the Luxembourg laws and have been amended by the law of 18 June 2020 known as "the FATCA and CRS governance law".
Since the 1st January 2021, all Luxembourg Financial Institutions ("FIs") are required to establish a FATCA/CRS compliance program which includes various requirements (e.g. IT infrastructure, written policies and procedures, oversight in case of delegated functions). A second important pillar of this compliance programme requires FIs to implement proportionate effective controls on the respect of the FATCA and CRS due diligence and reporting obligations.
By the end of this training, the participants will be able to:
- explain the purpose and the mechanism of the FATCA and CRS rules and their general impacts (incl. the FATCA and CRS governance requirements);
- understand the main synergies and differences between FATCA and CRS;
- determine how to review self-certification from individual and corporate clients (including U.S. forms);
- understand the different FATCA and CRS status that their clients may have;
- explain the procedures to identify controlling persons of entities;
- list the main elements to be reported and the associated timeline;
- have a clear action plan to set-up an efficient FATCA and CRS operating model;
- explain the main risks involved.
This training includes all the important FATCA and CRS key principles supported by concrete examples as well as some best-market practices in order to have an efficient FATCA/CRS operating model to reduce the challenges faced by the FIs. This training also provides with some insight about the recent regulatory updates (if any) and the controls and inquiries performed by the Luxembourg tax authorities. This advanced module for the private banking industry will also cover the FATCA/CRS classification applicable to various types of entites that may open a bank account.
- FATCA/CRS – Introduction
- Main obligations under FATCA and CRS for FIs
- FATCA and CRS governance
- Legal entity classification
- New clients on-boarding process
A qui s'adresse la formation?
- Persons exposed operationally to the FATCA and CRS requirements as (1st or 2nd) lines of defence as well as internal control functions or as service provider
- Employees within a bank acting as relationship managers or working in the client onboarding or compliance departments;
- Employees that would like to gain FATCA and CRS knowledge or deepen their knowledge and be aware of any recent regulatory updates or best-practice
This training is coordinated by Pierre Kirsch, Tax Partner in charge of CRS/FATCA related tax consulting, within PwC TIR (the PSF of PwC Luxembourg). The team of trainers consists of experienced PwC specialists who are specialised in CRS/FATCA and QI related issues.
As the team is intensively dealing with CRS, FATCA and QI, we have gained far reaching technical as well as practical expertise in this respect. PwC is an active member of FATCA/CRS working groups of Luxembourg professional organisations. Furthermore, PwC supports similar initiatives of EFAMA (“European Fund and Asset Management Association”) with respect to CRS and FATCA.