Common Reporting Standard (CRS) Fundamentals

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

• Basic principles
  • Legal framework and sources
  • Responsibilities of Reporting Financial Institutions
  • Classification rules in a nutshell – individuals and entities
  • General and specific data protection notification obligations under the CRS law
  • Types of data to be exchanged- data collection and annual reporting to the Luxembourg tax authorities
  • Mandatory procedures and Register of Actions
  • Controls and sanctions
• On-boarding and self-certification processes
• Validity of self-certifications
• Review of self-certifications for actual knowledge/reasons to know – Frequently detected issues
• Follow-up of changes in circumstances and remediation
• Ongoing maintenance of 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: FATCA similarities and differences, D Hallmarks under the DAC 6, CSSF indicators of aggravated tax fraud/tax evasion
• Upcoming changes

Nominative certificate will be issued to all participants

Price: From EUR 550, - per trainee (Open course) or tailored (Internal course)