FATCA Fundamentals

All parties interested in knowing how to apply the FATCA legislation.

The level of sophistication can be tailored relative to the target audience ("Novice" to "Intermediary").

• Understand what the obligations under the Luxembourg-US FATCA IGA are, and what is the link with the CRS, 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 FATCA law
• Understand reporting requirements
• Gain awareness on the main risks related to FATCA obligations for your firm and your clients (compliance/operational/financial risks…)

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…)

• Basic principles
• Legal framework and sources
• Options under the Luxembourg-US IGA
• Responsibilities of Reporting Financial Institutions
• Classification rules in a nutshell – individuals and entities
• General and specific data protection notification obligations under the Luxembourg FATCA 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
• Link with the US QI regime
• On-boarding and self-certification processes
  • Use of IRS forms?
  • What about Chapter 3 statuses and treaty sections?
• 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: CRS similarities and differences, the DAC 6, CSSF indicators of aggravated tax fraud/tax evasion
• Upcoming changes

Nominative certificate will be issued to all participants

Slides will be sent to all participants of the training.

Price: From EUR 650, - per trainee (open course) or customisable (Internal course)