Common Reporting Standard (CRS) Fundamentals

Who is the training for?

All parties interested in knowing how to apply the CRS legislation.
The level of sophistication can be tailored relative to the target audience ("Novice" to "Intermediary").

Level reached

Beginner

Duration

3,00 hours(s)

Language(s) of service

EN FR

Next session

Contact the training provider

Goals

Understand what the obligations under the CRS are, and what is the link with FATCA, the DAC6 and certain AML obligations
Understand due diligence requirements, classification obligations and remediation/documentation of issues detected.
Understand data protection notification obligations under the Luxembourg CRS law
Understanding reporting requirements
Gain awareness on the main risks related to CRS obligations for your firm and your clients (compliance/operational/financial risks…)

* Basic principles
Legal framework and sources
Responsibilities of Reporting Financial Institutions
Classification rules in a nutshell – individuals and entities
General and specific data protection notification obligations under the CRS law
Types of data to be exchanged- data collection and reporting to the Luxembourg tax authorities
Mandatory procedures and Register of Actions
Controls and sanctions
On-boarding and self-certification processes
Review of self-certifications for actual knowledge/reasons to know – Frequently detected issues
Follow-up of changes in circumstances
Remediation and documenting the Register of Actions
Specificities of data protection notification obligations
Data collection and reporting
Preparing for a tax audit and/or specific queries from the tax authorities – Typical questions raised
Link with other obligations: FATCA similarities and differences, D Hallmarks under the DAC 6, CSSF indicators of aggravated tax fraud/tax evasion
Upcoming changes