Common Reporting Standard (CRS)
The purpose of this course is to provide awareness of the key requirements of CRS and the implications that it has on financial institutions and their customers. The course introduces the key requirements for classification of entities, financial accounts, and the customers.
Geography Covered: Global | Duration: 30 - 45 minutes
As part of the global fight against tax evasion, tax authorities have developed broad powers to capture information held by financial institutions. These regimes place considerable compliance burdens on FIs and their customers.
The US led the way with the Foreign Account Tax Compliance Act (FATCA), which became effective in July 2014. FATCA’s aim is to identify US taxpayers holding financial accounts offshore, including under complex trust and corporate structures.
As governments started to negotiate agreements with the US to provide the information required under FATCA, they identified the value of this information for themselves. This led to the development of the Common Reporting Standard (CRS), which will facilitate the automatic exchange of financial account information across more than 100 participating jurisdictions.
- Common Reporting Standard (CRS)(Global)
- This course will take participants through the entire CRS compliance journey to raise their awareness and understanding of this important area. As part of the obligations under the CRS, each implementing jurisdiction is required to introduce an effective audit and penalty regime. Accordingly, periodic regulatory compliance inspections are inevitable.
- Common Reporting Standard (CRS) (Middle East and Africa)
- This course highlights the key lessons that can be learned from the first wave of CRS jurisdictions reporting in 2017 and how these can be applied across the Middle East now that the regime has 'gone live' there. Additionally, it covers the key expectations of the Regulatory authorities and how they will be using the data provided by financial institutions as a valuable weapon in the global fight against tax evasion.
Like with all our courses, the Common Reporting Standards training course was written by experts and powered by world-leading regulatory intelligence, which tracks more than 900 regulators and exchanges globally to ensure the course content is always up to date.
All our training courses are driven by practical examples and interactive scenarios to ensure users truly understand and recognize the issues of most importance to your business and learn to instinctively act to support them.
We employ instructional design techniques optimized for risk and compliance training, enabling your business to educate in a way that reduces risk and helps you build a culture of integrity and compliance.