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The Common Reporting Standard is a tax compliance regulation at OECD level that calls on jurisdictions to obtain information from their Financial Institutions’ clients and investors and automatically exchange that information with other jurisdictions on an annual basis.
Financial Institutions, such as banks, investment funds, private equity firms and insurance companies need to notably adapt their on-boarding procedures, internal encoding/reporting systems and the client relationship manager role under the threat of significant financial penalties.
From an operational point of view, Financial Institutions have little time to finalise the review of their stock of clients and investors. They must have reporting processes in place to be ready for their first CRS report that should be due before September 30, 2017
This e-learning, created by PwC's Academy and PwC Luxembourg CRS experts, is dedicated
for employees of Financial Institutions. It provides detailed information on how to comply with CRS in terms of on-boarding, due diligence and reporting obligations, with a specific focus on Private Banking and Asset Management.
At the end of the e-learning, participants will be able to:
- Explain the purpose and the mechanism of the CRS rules and their general impacts
- Determine how to review client self-certification
- Explain the relevant procedures to perform the due diligence of their pre-existing accounts
- Define the different CRS status that their clients may have
- Explain the procedures to identify controlling persons of entities
- List the main elements to be reported and the associated timeline
- Core concepts of CRS – Purpose and functioning of CRS
- New Accounts – On-boarding procedures
- Preexisting Accounts – Due diligence procedures
- Reporting – Information to be reported under CRS
- Private Banks
- Custodian Banks
- Asset Management Structures
- Life Insurance Companies
This e-learning will include practical examples on operational challenges faced by private banks and funds in Luxembourg. It is aimed for employees that are confronted to operational impacts related to CRS obligations in their day to day activities.
- Created by our CRS experts: guarantee of an accurate theoretic content
- Time / cost effective learning
- Consideration of the operational challenges and options you are facing
- Interactive and enjoyable learning approach
- Consistency of contents delivery to all users
- Flexibility: learn anytime, anywhere!
Language : English and French
Duration : 2 hours
Licences are valid for a year
Price: Fees per participant
- From 5 to 50 participants: 90 EUR
- From 51 to 100 participants: 80 EUR
- From 101 to 250 participants: 75 EUR
- More than 250, please contact us.