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Automatic Exchange of Information (FATCA and CRS) - Basic Principles

On July 21, 2014, the OECD released the Standard for Automatic Exchange of Financial Account Information in Tax Matters, including the Commentary on the Common Reporting Standard (CRS). The CRS seeks to establish the automatic exchange of tax information as the new global standard, which involves the systematic and periodic transmission of extensive taxpayer information from the country in which the financial accounts are located to the taxpayer’s country of residence. 

Similar to the provisions of the Foreign Account Tax Compliance Act (FATCA) and the various intergovernmental agreements (IGAs) between the US government and partner governments around the world, CRS imposes obligations on financial institutions (FIs) across the financial services market to review and collect information in an effort to identify an account holder’s country of residence and then in turn, to provide certain specified account information to the home country’s tax administration.

Luxembourg has concluded a Model I IGA with the United States on 28 March 2014. The IGA was ratified by the law of 24 July 2015. On 24 December 2015, the Luxembourg CRS law of 18 December 2015 was published, enacting the CRS into Luxembourg law (the “CRS law”). CRS entered into force in Luxembourg as from 1 January 2016. Luxembourg FIs, such as investment funds and management companies have consequently to proceed to the on-boarding of their new clients/investors since January 1, 2016 based on new CRS compliant procedures (that should already be FATCA compliant). 

This advanced training from PwC Academy is dedicated for the employees of investment funds, management companies, transfer agents and custodian banks and provides detailed information on how to comply with FATCA and CRS, as implemented in Luxembourg, in terms of on-boarding, due diligence and reporting obligations, with a specific focus on investment fund related aspects.

8 August 2022 (EN) - 9am-12pm - On site

Price: 540.00 €

Duration: 3h

Language: Available in English and French

Number of participants: 20

Objectives

By the end of this training, the participants will be able to:

  • Explain the purpose and the mechanism of the FATCA and CRS rules and their general impacts;
  • Understand the main differences between FATCA and CRS;
  • Determine how to review client self-certification (including U.S. forms);
  • Explain the relevant procedures to perform the CRS due diligence of their pre-existing accounts and how to treat investors still undocumented for FATCA purposes;
  • Understand the different FATCA and CRS status that their clients/investors may have;
  • Explain the procedures to identify controlling persons of entities;
  • List the main elements to be reported and the associated timeline;
  • Explain the main risks involved.

Content

  • FATCA/CRS – Introduction

  • Client/investor on-boarding:

    • Content and review of client self-certification
    • Possible client FATCA and CRS status
    • Focus on trusts and fiduciaries
    • Controlling persons identification
  • Client/investor due diligence:

    • Timing and options to perform due diligence for individuals
    • Timing and options to perform due diligence for entities
  • Treatment of undocumented clients/investors
  • Reporting
  • Data protection and safeguards

Target audience

Our training will include practical examples on operational challenges faced by investment funds and its service providers. This advanced workshop is aimed for employees of investment funds, management companies, transfer agents and custodian banks having already gained solid experience in both FATCA and CRS.

Our lead experts

This training is coordinated by Pierre Kirsch, Tax Partner in charge of CRS/FATCA related tax consulting, PwC Luxembourg. The team of trainers consists of experienced PwC specialists who are specialised in CRS/FATCA related issues.

As the Team is intensively dealing with CRS, FATCA as well as QI from the very first beginning, we have gained far reaching technical as well as practical expertise in this respect. He is the responsible Partner at PwC Luxembourg for CRS, FATCA and QI and heavily involved in projects assisting financial services clients to understand and implement CRS. PwC is an active member of FATCA/CRS working groups of Luxembourg professional organisations. Furthermore, PwC supports similar initiatives of EFAMA (“European Fund and Asset Management Association”) with respect to CRS and FATCA.

Contact us

Contact details

PwC's Academy, Crystal Park Building, PwC Luxembourg

Tel: +352 49 48 48 4040

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