The U.S. Foreign Account Tax Compliance Act requires financial institutions (Such as Banks, Brokerage firms, Financial Investment entities, and specified insurance companies) in other countries to report to the IRS information about financial accounts held by U.S. taxpayers.
Non-U.S. financial institutions (known as Foreign Financial Institutions – FFIs) are required to report U.S. persons’ account information directly to the IRS or their competent local authority if the country has an Intergovernmental Agreement (IGA) with the IRS.
Vast amounts of money are kept offshore and go untaxed. Offshore tax evasion is a serious global issue. Many countries have sought to protect the integrity of their tax systems and apply regulations similar to the FATCA regulations imposed by the USA for the benefit of their own state to collect information about their taxpayers across the globe. The CRS draws extensively on the intergovernmental approach to implementing FATCA.
This program will assist you in understanding FATCA & CRS and how exactly you can implement their requirements, including Registration, Documentation, Due diligence, Implementation and reporting. Everything is explained easily in detail and followed with examples and case studies.
The study guide of this program is constructed in a very organised manner, utilising the “Know-How” Concept to assist you in exercising the skills you obtain from the program in a very practical way.
GCI are a leading provider of accredited, certified banking training. This program is an accredited and recognised program compatible with global CPD principles.
Fees
COURSE OUTLINES
Understanding FATCA
- Understand what FATCA is and its purpose.
- Learn about the purpose of the FATCA regime.
- Understand the scope of the Act.
- Learn about the consequences of non-compliance.
- Understand the different types of FATCA agreements.
- Understand your responsibilities under FATCA.
- Explore the FATCA governance framework.
- Learn about the registration and recertification steps.
Understanding CRS
- Understand the background of the Common Reporting Standard (CRS).
- Analyse the CRS requirements.
- Understand the differences between CRS and FATCA.
FATCA and CRS in Practice
- Learn how to get started with FATCA and CRS.
- Understand who is subject to FATCA and CRS and who is not.
- Learn how to build your database structure.
- Understand how to remediate your institution's pre-existing accounts.
- Learn how to design and change your customer onboarding process and KYC forms.
- Understand due diligence procedures and reasonableness tests.
- Recognise tax evasion practices and how to be aware of them.
- Learn how to deal with special cases, including minor accounts, joint accounts, and powers of attorney (POA).
- Understand recalcitrant accounts and how to act in such cases.
Documentation
- Learn how to collect data effectively and efficiently.
- Understand IRS FATCA forms and CRS self-certification.
- Learn how to verify information and avoid report rejection.
- Understand how to detect indicia and how to act upon them.
- Explore examples and case studies.
Reporting
- Understand who is subject to FATCA and CRS reporting and who is not.
- Learn about the different types of reports.
- Understand reporting timelines and thresholds.
- Identify what information needs to be reported.
- Explore examples and cases.
Examination
- Exam Duration: 60 Minutes
- Number of Questions: 50
- Type of Questions: Multiple Choice
- Pass Mark: 75/100
The result appears directly once you submit your answers.
A Digital Badge and an e-certificate will be issued instantly and sent to your email address. You can also ask GCI to send it to your employer at any time.
COURSE DETAILS
What You Get
- One-year membership.
- Access to the candidate portal, where you can download the programme study guide and undertake the practice questions.
- Ability to schedule your online proctored exam.
- An e-certificate and verifiable digital badge when you pass the assessment.
- One free exam retake offered by GCI.
Enrol today and become a Certified FATCA & CRS Specialist.
Target Audience
FATCA Responsible Officers and Customer Relations professionals in the following industries:
- Banking industry
- Insurance and reinsurance companies
- Brokerage agencies
- Other depository institutions
Workers in supervisory authorities, including:
- Central banks
- Tax and Treasury Departments
- Financial sector regulatory authorities
- Financial Intelligence Units (FIUs)
- Related ministries and governmental bodies
Workers in IT solution firms that provide FATCA & CRS solutions.
Tax consultants and lawyers.
Registration Options
Candidates have two options to register for any of the GCI programmes:
Option 1: Self-Study
Take the online proctored exam from home.
GCI’s examination process is set to the highest standards. Candidates gain access to an easy-to-navigate online portal, where they can download their certificate study guide (e-book) in their selected language and undertake the practice questions as many times as needed.
Once the candidate is ready to sit the assessment, they can schedule their online proctored exam with a click of a button through their membership area and undertake the exam at any time and from anywhere. The assessment platform is usually available 24/7.
- Anticipated reading hours: 13 Hours
- Anticipated Studying hours: 26 Hours
Option 2: Instructor-Led Programme
Virtual or in-person instructor-led sessions for groups of 10 or more are scheduled based on demand. Contact us to enquire about upcoming dates, or check this page regularly for the latest course dates and updates.
Reach out to us today to see how we can advance your career or provide your staff with the practical training experience they are looking for.