Common Reporting Standard (CRS) Fundamentals

Inter and intra-company training

Who is the training for?

All parties interested in knowing how to apply the CRS legislation.
The level of sophistication can be tailored relative to the target audience ("Novice" to "Intermediary").

Level reached

Beginner

Duration

3,00 hours(s)

Language(s) of service

EN FR

Goals

  • 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…)

Contents

  • 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

Certificate, diploma

Nominative certificate will be issued to all participants

Additional information

Price: From EUR 550, - per trainee (OPEN COURSE) or customisable (INTERNAL COURSE)

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