Foreign Account Tax Compliance Act (“FATCA”) was enacted by the US in March 2014. The objective is to increase the transparency of US persons holding financial accounts outside the US. Under FATCA, financial institutions are required to identify and report US person account holders to the US Internal Revenue Service.
The Organization for Economic Co-operation and Development (“OECD”) adopted a similar initiative by introducing the Automatic Exchange of Financial Information (“AEoI”). Similar to FATCA, financial institutions identify the tax residence of certain financial account holders and report them to the local tax authority. This is also known as the Common Reporting Standard (“CRS”).
By the end of the training, participants will be able to:
- Understand the requirements of FATCA and CRS;
- Describe how FATCA and CRS impact the operations of financial institutions
- List the consequences of non-compliance
1. Overview of FATCA and CRS;
2. Requirements for FATCA and CRS;
3. In-scope entities and accounts for FATCA and CRS;
4. Due diligence requirements; and
5. Penalties for non-compliance.
Who Should Attend
The course is intended for the following individuals or professionals:
- Account opening or client onboarding team
- Compliance team responsible for AML / KYC
- Licensed holders/relevant individuals
- Frontline staff