At the end of this training session, the participants will be able to understand the key concepts and procedures needed to handle on a day-to-day basis the various obligations stemming from the Luxembourg law provisions implementing the Foreign Account Tax Compliance Act (FATCA) and the Common Reporting Standard (CRS), with a specific focus on the fund industry.
This training will be split in 2 sessions:
- 3,5 hours to go through the theory (with a bit of practice)
- 3,5 hours to go through the practice (with a bit of theory)
Part 1. Theory (with a bit of practice)
History and Background
- FATCA & CRS
- Luxembourg context
Definition of Reportable Persons
- US Persons and Specified US Persons
- CRS Reportable Persons
Classification of Entities
- Financial Institutions
- Non-Financial (Foreign) Entities
- Controlling Persons
Due Diligence and Reporting Obligations and Procedures
- Financial Accounts and Account Holders
- Due diligence for pre-existing and new accounts
- Reporting procedures
Data Protection in the context of FATCA and CRS
Part 2. Practice (with a bit of theory)
CRS and FATCA forms
- Rules* for W-9, W-8BEN and W-8BEN-E forms (* QI excluded)
- Zoom on Reporting Model 1 FFI, Investment Advisor/Manager, Active NFFE and Passive NFFE
- Completion of some examples
CRS and FATCA reports
- Applicable framework
- The FATCA & CRS report components
- Zoom on GIIN and TIN specifications
Production of CRS and FATCA reports (practical cases)
- Identification of a reportable account under FATCA & CRS
- Issuance of a nil report
- Issuance of FATCA & CRS reports
Our speakers belong to both our specialised and complementary teams and as such cover all legal, regulatory, taxation and advisory aspects of doing business in Luxembourg. We invite you to check our training agenda where the speakers are listed on each training session.
People in charge of KYC and Compliance aspects, board members of Luxembourg investment structures, legal officers.
Theory (with a bit of practice): 3,5 hours.
Practice (with a bit of theory): 3,5 hours.
English, French (customised format)
For amore information, please contact us by e-mail at email@example.com