FATCA Fundamentals

À qui s'adresse la formation?

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").

Intermédiaire

3,00 heure(s)

EN FR

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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