Course description
The U.S. Foreign Account Tax Compliance Act (FATCA) 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 course 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 FATCA Course is constructed in a very organized manner, utilizing the "Know-How" Concept to assist you in exercising the skills you obtain from the program in a very practical way.
We are a leading provider of accredited, certified banking training. This program is an accredited and recognised program compatible with global CPD principles.
Upcoming start dates
Suitability - Who should attend?
Targeted Candidates
FATCA Responsible Officers, and Customers relations, in the following industries:
- Banking Industry
- Insurance and reinsurance Companies
- Brokerage agencies
- Other Depository Institutions
Workers in the supervisory authorities, e.g.:
- Central Banks
- Tax and Treasury Department
- Financial Sector Regulatory Authorities
- Financial Intelligence Units (FIUs)
- Related Ministries and governmental bodies
Workers in the (IT solution firms) who provide FATCA & CRS solutionsTax Consultants & Lawyers
Training Course Content
Understanding FATCA
- What is FATCA Exactly?
- Purpose of the FATCA regime
- The Scope of the Act
- Non-Compliance Consequences
- Types of FATCA Agreements
- Understand your responsibilities
- FATCA Governance Framework
- Registration and recertification steps.
Understanding CRS
- CRS Background
- Analyze the CRS requirements
- The differences between CRS and FATCA
FATCA and CRS In Practice
- How to Start?
- Who is subject and who is not?
- Build your database structure
- Remediate Your institutions' pre-existing Accounts
- Design & change Your customer onboarding process and KYC forms.
- Due-diligence procedures & Reasonableness tests.
- Tax Evasion Practices (Be Aware)
- How to deal with special Cases (Minor Accounts, Joint Accounts, POA, etc.)
- Recalcitrant Accounts and how to act
Documentation
- How to be smart in collecting data (Don’t Panic)?
- IRS FATCA forms and CRS Self-Certification
- How to verify (Avoid Report Rejection)
- How to Detect indicia and how to act
- Examples and case studies
Reporting
- Who is subject to FATCA & CRS reporting and who is not
- Types of Reports
- Timeline and Thresholds
- What to report
- Examples and cases
And Much More
Course delivery details
Candidates have two options to register in any of the GCI programs:
Option 1: Self-Study. Take the online proctored exams at home
GCI’s examination process is set to the highest standards. Our students gain access to our easy-to-navigate online portal, where they can download their certificate study guide (e-book) in their selected language. undertake the practice questions as much 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 any time and anywhere. Our assessment platform is usually available 24/7.
Option 2: Instructor-led program by a GCI-accredited trainer or training centre.
GCI arrange a instructor-led programs for groups (5+ participants), whether virtually or in person (as available), by our authorised trainers and our accredited training centres around the globe.
Reach out to us today to see how we can advance your career / get your staff the practical training experience they are looking for.
This course is offered in the following languages:
- English
- Arabic
- Turkish
- French
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Expenses
The course fee is $499 USD and includes one-year membership.
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Global Compliance Institute
Global Compliance Institute (GCI) is an International Financial Crime Prevention and Compliance Training Institute. We help you build the practical skills you need to keep up with all the latest industry and technological developments in the ever-evolving compliance arena. We...