The U.S. Foreign Account Tax Compliance Act requires financial institutions (Such as Banks, Brokerage firms, Financial Investment entities, and specified insurance companies) in other countries to report to the IRS information about financial accounts held by U.S. taxpayers.
Certifying Body : GCI
Tutor : NULL
Syllabus Overview
Understanding FATCA
Understanding CRS
FATCA and CRS In Practice
Documentation
Reporting
General Details
Duration: 7 Sessions Total hours: 21 Hours
Understanding FATCA
What is FATCA Exactly?
Purpose of the FATCA regime
The Scope of the Act
Non-Compliance Consequences
Types of FATCA Agreements
Understand your responsibilities
FATCA Governance Framework
Registration and recertification steps.
Understanding CRS
CRS Background
Analyze the CRS requirements
The differences between CRS and FATCA
FATCA and CRS In Practice
How to Start?
Who is subject and who is not?
Build your database structure
Remediate Your institutions’ pre-existing Accounts
Design & change Your customer onboarding process and KYC forms.
Due-diligence procedures & Reasonableness tests.
Tax Evasion Practices (Be Aware)
How to deal with special Cases (Minor Accounts, Joint Accounts, POA, etc.)
Recalcitrant Accounts and how to act
Documentation
How to be smart in collecting data (Don’t Panic)?
IRS FATCA forms and CRS Self-Certification
How to verify (Avoid Report Rejection)
How to Detect indicia and how to act
Examples and case studies
Reporting
Who is subject to FATCA & CRS reporting and who is not
Types of Reports
Timeline and Thresholds
What to report
Examples and cases
FATCA Responsible Officers, and Customers relations, in the following industries:
Banking Industry
Insurance and reinsurance Companies
Brokerage agencies
Other Depository Institutions
Workers in the supervisory authorities, e.g.:
Central Banks
Tax and Treasury Department
Financial Sector Regulatory Authorities
Financial Intelligence Units (FIUs)
Related Ministries and governmental bodies
Workers in the (IT solution firms) who provide FATCA & CRS solutions
