FATCA Fundamentals

Introduction

After three years of application, a number of rules laid down in the Model 1 IGA have to be thoroughly applied.

The introduction of CRS often requires challenging entity classifications that were performed upon FATCA inception in order to ensure consistency with CRS classifications.
As from 2016 the FATCA reporting also requires a proper identification of transactions which are to be considered as gross proceeds.

Objectives of the training

Understand what FATCA is – Purpose

• Understand what an intergovernmental agreement (IGA) is – Understand US-LU IGA – worldwide status
• Understand due diligence requirements & entity classifications
• Understand reporting requirements
• Understand communication to clients
• Understand contractual and regulatory obligations in the context of GDPR enforcement
• Gain awareness on the main risks that are pursuant to FATCA obligations for your firm and your clients (compliance/ operational/financial risks…)

• Introduction
• What is FATCA – Purpose
• What is an IGA – Overview on US-LU IGA – worldwide status
• Enforcement timeline – Transition period
• Who is impacted in Luxembourg
• Overview on entity FATCA classification
• Main obligations
• FFI Registration process
• U.S. Indicia identification
• KYC / Compliance documentation
• FATCA forms (Self – certifications, W-8BEN-E, W9 …)
• Due diligence requirements
  • Pre-existing accounts
  • New accounts
• Reporting requirements
• Communication to clients
• Obligations pursuant to GDPOverview on Risks
• Supporting information sources
• Case Studies
• New provisions

Nominative certificate will be issued to all participants

Price: From EUR 550, - per trainee (OPEN COURSE) Customisable (INTERNAL COURSE)