thomson reuters and storm-7 consulting - fatca and the oecd crs training courses (middle east 2018)
TRANSCRIPT
SRC & ACTAF TRAINING COURSE REGULATORY COMPLIANCE
At Storm-7 Consulting we have made it our mission to provide superior quality training and a higher quality hand-on experience. We provide our services with integrity and passion and we are directly committed to enhancing the value of the events, consulting and marketing services that we provide.
We are a financial consultancy company that provides premier financial intelligence and knowledge to leading financial institutions around the world. We deliver premium quality conferences on cutting-edge legal and financial issues, and strive to provide access to crucial insight by leading experts on the latest complex regulatory developments.
We specialise in creating and delivering conferences, events, and training courses focused within the banking, financial services, Financial Technology (FinTech), and Regulatory Technology
ABOUT US
(RegTech) sectors. We are experts at creating and delivering conferences and events around the world. We are ideally placed to deliver extremely high quality conferences, events, and training courses.
We have created and delivered conferences, events, and training courses at the very highest level. Through delivering top calibre training to world-class leading institutions, Tier 1 firms and industry giants such as the Abu Dhabi Investment Authority, the Central Bank of Ireland, CAF the Development Bank of Latin America, and strategic collaborations with industry regulators such as the Financial Conduct Authority, we have developed a suite of unparalleled training approaches and unique materials. It has become very evident that the quality and impact of our training programmes are second to none.
FATCA AND THE OECD CRS Training course
This two day intermediate to advanced In-House training course will provide delegates with a comprehensive understanding of the new United States Foreign Account Tax Compliance Act (FATCA) requirements, by combining theory with practice and by incorporating interactive learning elements. The course aims to demystify the complexity of both FACTA and the OECD Common Reporting Standard (CRS) frameworks. The course Expert Trainer will ensure that delegates fully understand the operational impact that FATCA and the OECD CRS will have on the business and on clients, as well as guiding delegates through necessary adaptation processes, compliance solutions, and the complexities of understanding the way the FATCA and OECD CRS frameworks operate around the world.
TRAINING COURSE
DAY ONE SESSIONSSESSION 1 The FATCA Regulatory Framework
SESSION 2 Analysing US FATCA Model 1 and Model 2 Intergovernmental Agreements and FFI Agreements
• Key FATCA Aims, objectives, timelines.• FATCA Definitions (FFI; P-FFI; RDC-FFI; CDC-FFI; NFFE; GIIN;
FDAP Income; RO; IGA; USWAs; Gross Proceeds; Passthru Payments; Grandfathered Obligations; Active Income; Passive Income).
• The Three Pillars of FATCA (Classification, Reporting, and Withholding).
• MODEL 1 (Reciprocal 1A); MODEL1 (Non-Reciprocal 1B).• MODEL 2 (No Pre-existing Tax Information Exchange Agreement
or Double Tax Convention Required); MODEL 2 (Pre-existing Tax Information Exchange Agreement or Double Tax Convention).
• IRS FFI Agreement (Form 8957).
KEY BENEFITS
Advanced knowledge and understanding of the FATCA and Model IGA frameworks; compliance requirements; the interaction of FATCA with trusts and passthru payments; and similarities and differences between FATCA and the OECD CRS due diligence and reporting obligations.
Extensive Pre-course Questionnaire to identify delegate’s key conference objectives.
Comprehensive course documentation (100+ page Training Manual, Definitions Brochure, Supporting Materials, colour FATCA PowerPoint presentations, Charts and Diagrams).
Post-course Expert Trainer follow-up to guarantee all key course objectives have been met
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SESSION 3 The OECD CRS Regulatory Framework
SESSION 4 FATCA and the OECD CRS Technologies and Operational Compliance
• A Global Overview of CRS Reporting, Implementation Timelines, and 2017 and 2018 Reporting Deadlines.
• A Review of the CRS (Standard for Automatic Exchange of Financial Account Information), the Model Competent Authority Agreement (Model CAA), OECD Commentaries, and HM Revenue & Customs Guidance Notes.
• A Review of the International Tax Compliance Regulations 2015 (SI No. 878).
• CRS Entity Management Liability and Sanctions for Errors and Non-Compliance.
• FATCA and the OECD CRS Surveillance Challenges and Requirements.
• Organisational and Regulatory Compliance Challenges (technologies, costs, productivity, reliability).
• Gathering FATCA and OECD CRS Forms, Self-Certifications, Differentiated Schema and Filing Requirements.
• Sourcing, segregating, and managing data across designated business units, systems, and jurisdictions.
COURSE SUITABLE FOR:
Chief Executives
Chief Financial Officers
Chief Risk Officers
Compliance Officers And Staff
Executive Board Directors
FATCA Responsible Officers
General Counsel
General Manager
In-House Legal Counsel
Investment Fund Managers
Non Executive Board Director
Risk Managment Officer
Proffesional Trust Administrators
Trustees
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DAY TWO SESSIONSSESSION 5 OECD Classification, Due Diligence, and Reporting
SESSION 6 Analysing the OECD CRS
• CRS Classification, Participating Financial Institutions, and Non-Resident Account Holders of CRS Participating Countries.
• On-boarding of New Entity and Individual Accounts and Client On-boarding Solutions.
• Pre-Existing Account Due Diligence Procedures.• CRS Reporting (Foreign Debt, Equity Interests, Custody Accounts,
Foreign Deposit Accounts), Reportable Accounts, and Enhanced File Review Procedures.
• The Convention on Mutual Administrative Assistance in Tax Matters.• Analysing the Standard for Automatic Exchange of Financial
Account Information (Model CAA)(Common Reporting and Due Diligence Standard).
• Reporting and Due Diligence Standards, Indicia Searches, Address Tests.
EXPERT TRAINER
Rodrigo Zepeda is Co-Founder and Managing Director of Storm-7 Consulting. He is an expert consultant who specialises in derivatives and banking and financial services law, regulation, and compliance. He is an expert in a very broad range of regulatory compliance frameworks such as FATCA, the OECD CRS, MiFID II, MAD 2 MAR, PSD2, CRD IV, Solvency II, OTC Derivatives, CCP Clearing, PRIIPs, BRRD, AML4, and the GDPR. He holds a LLB degree, a LLM Masters degree in International and Comparative Business Law, and has passed the New York Bar Examination. He was an Associate (ACSI) of the Chartered Institute for Securities & Investment from 2004 to 2014 and is now a Chartered Member (MCSI). He has created and delivered numerous conferences and training courses around the world such as ‘FATCA for Latin American Firms’ (Santo Domingo, Dominican Republic, Panama City, Panama), ‘MiFID II: Regulatory, Risk, and Compliance (London, United Kingdom (UK)), and ‘Market Abuse: Operational Compliance’ (London, UK). He has also delivered numerous in-house training Courses around the world to major international financial institutions such as The Abu Dhabi Investment Authority (MiFID II: Operational Compliance, Abu Dhabi, the United Arab Emirates), the United Nations Principles of Responsible Investment (MiFID II: Final Review, London, UK), and CAF, the Development Bank of Latin America (Swaps and Over-the-counter Derivatives, Lima, Peru). He is a Reviewer for the Journal of Financial Regulation and Compliance and has also published widely in leading industry journals such as the Capco Institute’s Journal of Financial Transformation, the Journal of International Banking Law and Regulation, as well as e-books on derivatives law. Noted publications include “Optimizing Risk Allocation for CCPs under the European Market Infrastructure Regulation”; “The ISDA Master Agreement 2012: A Missed Opportunity”; “The ISDA Master Agreement: The Derivatives Risk Management Tool of the 21st Century?”; “To EU, or not to EU: that is the AIFMD question”; and “The Industrialization Blueprint: Re-Engineering the Future of Banking and Financial Services?”
SESSION 7 FATCA and the OECD CRS Operational Compliance
SESSION 8 FATCA and the OECD CRS Technologies and Operational Compliance
• FATCA Due Diligence and IRS Forms Analysis (W-8, W-8BEN; 1042; 1042-S).
• Identifying and Assessing Compliance and Non-Compliance Costs.
• Responsible Officer preparation for IRS Due Diligence certifications, Developing Effective FATCA and the OECD CRS Compliance Frameworks.
• Data Extraction (Account Data, Account Holders Data); Reporting Engine (Data Identification, Consolidation, Validation, Look Ups, and Submission).
• User WorkFlow (Data Importation, Validation against Jurisdiction Rule Sets); Workflow and Management Information Reporting; Streamlined Reporting Capabilities.
• Form data capture; Template Form Amendment; Error and Discrepancy Detection; Automatic Form Validation; Process and Management Control; Global Regulatory Jurisdictional Compliance.
COMPLEXITY MADE SIMPLE
OECD Common Reporting Standard Report (XML)
UK FATCA Report (XML)
US FATCA Report(Form 8966)(XML)
FATCA & CRS REPORTING ENGINE
DataConsolidation
DataId
Review
Data Validation
SubmissionManagement
Statutory Reports
Data Extract(Account Data)
Data Extract(Self-C ta) Countr
schemas, as announced
The tax information reporting landscape has changed substantially over the past two years and is set to become even more complex in the future.
Premier intelligence Global insight
Unparalled coverage.
CONTACT US TODAY
UK +44 (0)20 7846 0076
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SRC & ACTAF Storm-7 Consulting is a financial consultancy company that provides premier financial intelligence and knowledge to leading financial institutions around the world. We are experts in creating and delivering conferences, events, and training courses focused within the banking, financial services, Financial Technology (FinTech), and Regulatory Technology (RegTech) sectors.
www.storm-7.com
FATCA & CRSYour Foundation in a Changing World
The tax information reporting landscape has changed substantially in recent years and is set to become even more complex in the future. Evolving international tax regulations are challenging organizations around the world to implement new procedures to maintain compliance.
COMPLEXITY MADE SIMPLEThomson Reuters ONESOURCETM AEOI Reporting & Documentation offers a straight forward solution, designed to simplify the tax compliance process and remove the burden of formulating and implementing new compliance policies. Streamline your operational procedures and reduce resource requirements, saving time and money.
An established and trusted platform, ONESOURCE has the knowledge, expertise and solutions to further enhance your organization’s reputation and improve client service standards.
Whatever direction evolving legislation takes, ONESOURCE will minimize the impact on your organization, future-proof your compliance program and ensure you meet compliance filing requirements.
An Integrated Solution for Global Reporting Compliance
UNDERSTANDING FATCA AND CRSThe Foreign Account Tax Compliance Act (FATCA) is intended to combat US income tax avoidance by creating a new information reporting and withholding regime for payments made to foreign (i.e. non-US) financial institutions (FFIs) and other foreign entities.
The Common Reporting Standard (CRS), developed by the Organisation for Economic Cooperation and Development (OECD), is a global reporting standard for the Automatic Exchange of Information (AEOI). The goal of CRS is to allow tax authorities to obtain a clearer understanding of financial assets held abroad by their residents, for tax purposes.
While FATCA and CRS have similar characteristics on the surface, there are differences that make universal compliance complex and challenging.
MARKET LEADING TECHNOLOGYIt’s a new day in global tax reporting. ONESOURCE AEOI Reporting & Identity provides market-leading compliance tools to resolve issues surrounding regulatory compliance, tax documentation and tax reporting.
Flexible and scalable, ONESOURCE easily integrates with your existing process to meet your specific needs, including:
+ Manage client documentation: Identify, classify and certify.
+ Streamline reporting: Manage statutory filing and information. Bangkok
The tax information reporting landscape has changed substantially in recent years and is set to become even more complex in the future. Evolving international tax regulations are challenging organizations around the world to implement new procedures to maintain compliance.
COMPLEXITY MADE SIMPLEThomson Reuters ONESOURCETM AEOI Reporting & Documentation offers a straight forward solution, designed to simplify the tax compliance process and remove the burden of formulating and implementing new compliance policies. Streamline your operational procedures and reduce resource requirements, saving time and money.
An established and trusted platform, ONESOURCE has the knowledge, expertise and solutions to further enhance your organization’s reputation and improve client service standards.
Whatever direction evolving legislation takes, ONESOURCE will minimize the impact on your organization, future-proof your compliance program and ensure you meet compliance filing requirements.
An Integrated Solution for Global Reporting Compliance
UNDERSTANDING FATCA AND CRSThe Foreign Account Tax Compliance Act (FATCA) is intended to combat US income tax avoidance by creating a new information reporting and withholding regime for payments made to foreign (i.e. non-US) financial institutions (FFIs) and other foreign entities.
The Common Reporting Standard (CRS), developed by the Organisation for Economic Cooperation and Development (OECD), is a global reporting standard for the Automatic Exchange of Information (AEOI). The goal of CRS is to allow tax authorities to obtain a clearer understanding of financial assets held abroad by their residents, for tax purposes.
While FATCA and CRS have similar characteristics on the surface, there are differences that make universal compliance complex and challenging.
MARKET LEADING TECHNOLOGYIt’s a new day in global tax reporting. ONESOURCE AEOI Reporting & Identity provides market-leading compliance tools to resolve issues surrounding regulatory compliance, tax documentation and tax reporting.
Flexible and scalable, ONESOURCE easily integrates with your existing process to meet your specific needs, including:
+ Manage client documentation: Identify, classify and certify.
+ Streamline reporting: Manage statutory filing and information. Bangkok
STREAMLINE DOCUMENTATION AND REPORTING REPORTINGGlobal compliance reporting is rapidly becoming a new challenge for financial institutions. A robust reporting system is necessary for financial institutions to keep up with reporting requirements - one that provides a full audit trail and comprehensive country coverage with key controls and validations.
ONESOURCE AEOI Reporting offers built-in validations and look-ups to ensure data complies with both schema requirements and other business rules and exception management. Our comprehensive audit trail keeps your reporting process accurate and provides a full history of submissions to review anytime.
We reduce the risk and burden of FATCA and CRS reporting by providing an established and trusted platform.
REPORTING BENEFITS
Dubai
+ A single point of reporting management + Consistent process and management control + Global coverage of reporting requirements + Content managed by Thomson Reuters + Up to date on the most recent regulations + Comprehensive audit trail
STREAMLINE DOCUMENTATION AND REPORTING REPORTINGGlobal compliance reporting is rapidly becoming a new challenge for financial institutions. A robust reporting system is necessary for financial institutions to keep up with reporting requirements - one that provides a full audit trail and comprehensive country coverage with key controls and validations.
ONESOURCE AEOI Reporting offers built-in validations and look-ups to ensure data complies with both schema requirements and other business rules and exception management. Our comprehensive audit trail keeps your reporting process accurate and provides a full history of submissions to review anytime.
We reduce the risk and burden of FATCA and CRS reporting by providing an established and trusted platform.
REPORTING BENEFITS
Dubai
+ A single point of reporting management + Consistent process and management control + Global coverage of reporting requirements + Content managed by Thomson Reuters + Up to date on the most recent regulations + Comprehensive audit trail
IDENTITY BENEFITS
IDENTITYGathering IRS forms, including W-8 and W-9s, as well as self-certifications is a burdensome and time-consuming task prone to inaccuracies and intrusive to customers.
ONESOURCE AEOI Documentation simplifies and accelerates the tax documentation process. We facilitate the collection, validation and maintenance of tax forms and self-certifications in any jurisdiction.
Implementing an automated system and self-certification process increases accuracy and reduces cost, while improving audit defense and scalability.
Guiyang
+ Continually monitor forms for changes in circumstances + Real-time document validation to highlight potential errors before submission + Historic data reporting for instant snapshots to see any period in time + Validate the Global Intermediary Identification Number (GIIN) against the IRS published FI list + Ongoing review and validation against client account information + Form data capture available in English, French, Spanish, German, Chinese
(Simplified and Traditional) and any other required language + Suggested “cures” based on audit procedures to help administrators remediate issues + Easy integration with internal processes and on boarding systems through comprehensive
APIs and Web services + Segregate data across designated business units + Configurable administrator access rights + Request ‘Wet’ signature, an electronic alternative required by some jurisdictions
IDENTITY BENEFITS
IDENTITYGathering IRS forms, including W-8 and W-9s, as well as self-certifications is a burdensome and time-consuming task prone to inaccuracies and intrusive to customers.
ONESOURCE AEOI Documentation simplifies and accelerates the tax documentation process. We facilitate the collection, validation and maintenance of tax forms and self-certifications in any jurisdiction.
Implementing an automated system and self-certification process increases accuracy and reduces cost, while improving audit defense and scalability.
Guiyang
+ Continually monitor forms for changes in circumstances + Real-time document validation to highlight potential errors before submission + Historic data reporting for instant snapshots to see any period in time + Validate the Global Intermediary Identification Number (GIIN) against the IRS published FI list + Ongoing review and validation against client account information + Form data capture available in English, French, Spanish, German, Chinese
(Simplified and Traditional) and any other required language + Suggested “cures” based on audit procedures to help administrators remediate issues + Easy integration with internal processes and on boarding systems through comprehensive
APIs and Web services + Segregate data across designated business units + Configurable administrator access rights + Request ‘Wet’ signature, an electronic alternative required by some jurisdictions
©2016 Thomson Reuters/Tax & Accounting
CONTACT US TODAY
1-888-885-0206 tax.thomsonreuters.com
ONESOURCE AEOI Reporting & Documentation reduces the risk and burden of FATCA and CRS reporting by providing an established and trusted platform. We have 25 years of experience building and perfecting global tax solutions to ensure compliance. At Thomson Reuters, we are experts at creating simplicity out of complexity.
FATCA & CRS
©2017 Thomson Reuters/Tax & Accounting