Since January 2021, all Luxembourg Financial Institutions ("FIs") must establish a FATCA/CRS compliance programme, encompassing various requirements such as IT infrastructure, written policies and procedures, and oversight in case of delegated functions. A second crucial pillar of this compliance programme requires FIs to implement proportionate and effective controls to ensure compliance with FATCA and CRS due diligence and reporting obligations.
This training encompasses all essential FATCA and CRS key principles, illustrated with concrete examples, along with best-market practices to establish an efficient FATCA/CRS operating model and mitigate challenges faced by financial institutions (FIs).
Additionally, the training offers insights into recent regulatory updates (if any) and outlines the controls and inquiries conducted by the Luxembourg tax authorities.
This module is part of our Automatic Exchange of Information (AEOI) training curriculum.
Duration: 2h
Language: Available in English, German and French. The supporting material is only available in English.
Number of participants: up to 15
Available under intra-company course (i.e. dedicated session)
Objectives
By the end of this course, participants will be able to:
- determine which procedures should be put in place or amended;
- upgrade their client/investor onboarding process;
- assess whether they receive sufficient information and comfort from their service providers.
Content
- Best practices in terms of procedures
- Areas of risk
- Common mistakes in client due diligence and reporting
- Documentation of the implemented controls
- Oversight - what are the key points to control in case of delegation
Target audience
- This training is designed for all lines of defence of the financial industry from board members to compliance officers and members of KYC units.
Our lead experts
This training will be coordinated by Pierre Kirsch, Partner at PwC Luxembourg.
Pierre, Tax Partner, is an authorised manager of PwC Regulated Solutions, overseeing all services related to tax transparency and automatic exchange of information. With over 27 years of experience in the private banking and asset management industries in Luxembourg, Pierre has developed a profound understanding of their internal processes.
He has conducted various tax transparency analyses of the private and corporate client base of several major financial institutions in Luxembourg and abroad. The primary objectives of these analyses were to assess the level of risk posed by non-tax compliant clients and to formulate appropriate and measurable action plans.
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