DAC6, FATCA/CRS and AML: interactions between legislations

In a more and more complex tax regulatory environment, procedures, processes and IT systems are superseding each other, sometimes lacking an overarching tax governance architecture: this raises the probability of failing to identify or report some tax risks as required. Simultaneously, themore stringent regulatory requirements contribute to client and investor frustrations due to delays in the processing of their requests, particularly in case of client on-boarding.

By the end of this course, participants will be able to:

• recognise when interactions between DAC6, AML, withholding tax and FATCA/CRS should be considered;
• grasp the risks associated with the not properly and timely assessing these interactions in their client/investor on-boarding process;
• document a client's tax compliance in a more streamlined manner.

This module covers the following:

• Onboarding of the client under the different regulations: obligations and best practice
• Where are my risks? Practical examples
• When do I need to ask for a tax memo?
• Optimisation of the onboarding process as part of the tax governance function

An attendance certificate will be sent to participants.

This training will be coordinated by Pierre Kirsch, Partner at PwC Luxembourg.

Pierre, Tax Partner, is an authorised manager of PwC Regulated Solutions, overseeing all services related to tax transparency and automatic exchange of information. With over 27 years of experience in the private banking and asset management industries in Luxembourg, Pierre has developed a profound understanding of their internal processes.

He has conducted various tax transparency analyses of the private and corporate client base of several major financial institutions in Luxembourg and abroad. The primary objectives of these analyses were to assess the level of risk posed by non-tax compliant clients and to formulate appropriate and measurable action plans.