FATCA Fundamentals

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

• Basic principles
  • Legal framework and sources
  • Options under the Luxembourg-US IGA
  • Responsibilities of Reporting Financial Institutions
  • Classification rules in a nutshell – individuals and entities
  • General and specific data protection notification obligations under the Luxembourg FATCA law
  • Types of data to be exchanged- data collection and reporting to the Luxembourg tax authorities
  • Mandatory procedures and Register of Actions
  • Controls and sanctions
  • Link with the US QI regime
  • On-boarding and self-certification processes
  • Use of IRS forms?
  • What about Chapter 3 statuses and treaty sections?
  • Validity of W-8/W-9 forms and 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: CRS similarities and differences, 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)