About the training session
Objectives
By 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)
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
8 hours
Languages
English
For more information please contact us by e-mail institute@arendt.com