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IHS Markit Compliance Series - The CRS Edition 2019

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IHS Markit is presenting the Compliance Series in Singapore.

IHS Markit is presenting the Compliance Series in Singapore.

The series consists of a two-part CRS training by IHS Markit which aims to help financial services personnel prepare, interpret, and operationalize requirements in implementing the standard. A CRS masterclass will also be provided for senior leaders seeking to understand CRS governance and tax operations functions.

With IRAS' recent announcement of its intention to soon commence reviews on Reporting Singapore Financial Institutions' (SGFIs) compliance with CRS, the need for each Reporting SGFI to assess its level of CRS Compliance has gained in importance.

The course is IBF approved and attendees will earn 4 CPE points upon completion.

Who should attend

The course is best suited for individuals in operations, front office, relationship manager, compliance and legal teams.

What is CRS

The Common Reporting Standard (CRS) is a reporting standard for the automatic exchange of information (AEOI), implemented by over 100 jurisdictions. The objective is to enhance tax transparency to detect and deter tax evasion through the use of offshore bank accounts. CRS is applicable to many financial institutions resident in Singapore, included but not limited to banks, brokers, distributors, funds, trusts, insurance companies.

Download CRS Training Brochure

Course Description

Customer Due Diligence (4hrs)

  • New customer requirements and CRS self-certifications
  • Determining the tax residency of preexisting customers
  • Monitoring for customer changes in circumstances and associated operational challenges
  • IRAS CRS compliance guidelines

AEOI reporting (4hrs)
Data requirements and submitting reports

  • Customer static data requirements
  • Financial data requirements
  • The Singapore XML Schema
  • Lessons learned from early adopter reporting
  • IRAS CRS compliance guidelines

CRS Masterclass (4 hrs)

High-level overview for governance and oversight over CRS implementation

  • What is CRS and why are we implementing it?
  • Customer due diligence requirements
  • Annual reporting requirements
  • IRAS CRS compliance guidelines
  • CRS operational challenges and risks
  • Penalties of non-compliance

4 CPE hours certification of attendance will be provided at the end of the course.

FTS - Eligible: This program is recognized under the Financial Training Scheme (FTS) and is eligible criteria being met. However, this does not represent an endorsement of the training provider and program. Participants are advised to assess the suitability of the program and its relevance to participants' business activities or job roles. The FTS is available to eligible entities based on the prevalent funding eligibility, quantum and caps. FTS claims may only be made for recognized programs with specified validity period. Please refer to the Financial Training Scheme for more information.

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