FATCA and CRS training day

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

Target audience

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

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