Common Reporting Standard (CRS): Compliance and Due Diligence for Financial Institutions Training Course

Introduction to CRS and Global Tax Transparency for Government

• History and Purpose of the Common Reporting Standard (CRS) and Automatic Exchange of Information (AEOI)
• Reporting Entities: Financial Institutions and Scope of Reportable Accounts for Government
• Relationship Between CRS and FATCA: Overlapping and Divergent Requirements

Legal & Regulatory Framework for Government

• Jurisdictional Implementation Models and Legal Instruments (Multilateral Competent Authority Agreement, Domestic Legislation)
• Recent Consolidated Texts and Amendments Affecting Due Diligence and Scope for Government
• Compliance Obligations, Timelines, and Penalties for Non-Compliance for Government

Due Diligence Fundamentals: Identifying Tax Residency for Government

• Required Documentation: Self-Certifications and Reliable Documentary Evidence for Government
• Indicia Search Procedures for New and Pre-Existing Accounts for Government
• Comprehensive Due Diligence Approach: Utilizing AML/KYC Information to Determine Tax Residence for Government

Operationalizing CRS: Onboarding, Data Capture, and Systems for Government

• Integrating CRS Checks into Client Onboarding and Periodic Review Workflows for Government
• Data Elements Required for Reporting and Practical Approaches to Data Quality and Retention for Government
• Using Automation and Vendor Tools Versus Manual Processes: Considerations for Service Providers for Government

FATCA-like Requirements and Comparative Best Practices for Government

• Key Commonalities with FATCA: Classification, Reporting Mechanics, Treatment of Entities and Beneficiaries for Government
• Differences to Plan For: Scope, Bilateral vs. Multilateral Implementation, Jurisdictional Variance for Government
• Practical Mapping Exercises: Converting FATCA Controls into CRS-Compliant Processes for Government

Reporting, Exchange Mechanisms, and Audit Readiness for Government

• Formats and Transmission Channels for CRS Reports: Jurisdictional Submission Requirements for Government
• Preparing for Audits and Regulator Reviews: Documentation, Traceability, and Evidence of Due Diligence for Government
• Sample Reporting Workflows and Reconciliation Checks for Government

Risk Management, Governance, and Internal Controls for Government

• Designing Governance Frameworks, Policies, and Segregation of Duties for CRS Compliance for Government
• Training, Quality Assurance, and Exception Handling for Complex/Entity Accounts for Government
• Remediation Pathways and Multi-Jurisdiction Coordination for Legacy Accounts for Government

Practical Labs and Case Studies for Government

• Lab: Review and Validate a Set of Sample Account Files and Self-Certifications; Determine Reportability for Government
• Lab: Configure a Simple Data-Extraction and Reporting Checklist; Produce a Mock CRS XML Extract for Government
• Case Study: Handling Complex Entity Structures, Trusts, and Controlling Persons Under CRS Rules for Government

Summary and Next Steps for Government