DAC8 - How to prepare for e-money reporting?

Ten years after its introduction into EU laws, additional entities and accounts will enter into the scope of the CRS reporting. In particular, e-money service providers that were previously excluded from the Financial Institution (FI) definition will now face the same CRS obligations as banks in terms of client on-boarding, monitoring and reporting with respect to certain e-money accounts.

It is thus important for those new Financial Institutions to have a strong governance in place around CRS (and other tax transparency regulations such as FATCA, DAC6 etc) and to carefully review their operating model to ensure that any potential compliance gaps are identified and corrected before the entry into force of the Directive in January 2026.

As part of this course, PwC's Academy offers to highlight your company's requirements regarding this topic and to address, in a comprehensive and practical way, the questions professionals are confronted with in the light of their mandatory professional duties and the 'progressive' evolution of CRS regulations.

Thanks to the strong expertise in the financial sector and the professional experience of our lead experts, our courses can help FIs improve their CRS knowledge according to the best practices.

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

• identify the impacts of the new regulatory requirements on their organisation;
• review their operating model;
• inform their clients regarding how DAC8 will impact them;
• create their CRS procedure and control framework in line with the new requirements and market practice;
• understand the interactions with other tax regulatory requirements.

• Key concepts around CRS
• Explanations on the type of e-money accounts in scope of CRS
• Deep dive on the different client onboarding, monitoring and reporting obligations
• Return of experience from recent tax authorities controls
• Explanations of the interactions with other tax regulations

This training will be coordinated by Pierre Kirsch and Camille Perez, Partners at PwC Luxembourg.

Pierre, Tax Partner, is an authorised manager of the PFS Tax Information Reporting department, 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.

Camille is a partner in the financial services tax practice. During his professional career in France and Luxembourg, he has worked on tax consulting and compliance projects for banking, asset management and private equity clients for more than 15 years, getting a deep technical knowledge of the financial sector.

He is a core member of PwC Luxembourg’s tax transparency expert team (including Directive on Administrative Cooperation (“DAC”) version 1 to 7, AML tax, FATCA and QI) and has gained an extensive expertise in this field that he follows since 2011. He regularly facilitates tax transparency workshops (including on DAC6), for clients and more generally advises financial industry clients on how to comply with those EU/US tax related directives.