Formation - The Common Reporting Standard (CRS)
Understanding the obligations and the International, European and Luxembourg legal framework.
Identifying the principal interactions with FATCA.
Studying the mechanisms and impacts.
Raising awareness on the principal risks and the way to manage them.
Employees in a bank, insurance, investment fund (UCITS/Private Equity) or domiciliation company.
Context and main principles
• Source: DAC2/OECD CRS.
• Legal framework and the International and Luxembourg regulations.
• Main principles and the timeline.
Question of the classification of entities
• Determine who does what.
• Identify the similarities and differences with FATCA and the possibility or not of a reclassification to be carried out.
• Consequences depending on the status.
Specific obligations of financial institutions (due diligence and reporting)
• Rules for the review and identification of clients.
• Obligations over time: documentation, monitoring and management of changes in circumstances.
• Reporting: customer information and data protection issues.
• Controls and penalties in case of non-compliance.
• Certainties and outstanding points.
• Planned developments.
• Links with other legislation.