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:
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.
This training is coordinated by Pierre Kirsch, Tax Partner in charge of CRS/FATCA related tax consulting, PwC Luxembourg. The team of trainers consists of experienced PwC specialists who are specialised in CRS/FATCA related issues.
As the team is intensively dealing with CRS, FATCA as well as QI from the very first beginning, we have gained far reaching technical as well as practical expertise in this respect. He is the responsible partner at PwC Luxembourg for CRS, FATCA and QI and heavily involved in projects assisting financial services clients to understand and implement CRS. PwC is an active member of FATCA/CRS working groups of Luxembourg professional organisations including the ABBL (Luxembourg Bankers Association).