FATCA and CRS training day

Objectives

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)
• A small lunch will be provided.
• 3,5 hours to go through the practice (with a bit of theory)

Content

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

Practical Cases

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

Q&A

Speakers

Our speakers are drawn from all of Arendt’s expert teams and as such they cover all legal, regulatory, taxation and advisory aspects of doing business in Luxembourg. Check out our training agenda to see all of the speakers listed on each training session.

Target audience

​People in charge of KYC and Compliance aspects, board members of Luxembourg investment structures, legal officers.

Duration

Theory (with a bit of practice): 3,5 hours.
Practice (with a bit of theory): 3,5 hours.

A small lunch will be provided.

Languages

English 

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For more information please contact us by e-mail institute@arendt.com