Customer Logins

Obtain the data you need to make the most informed decisions by accessing our extensive portfolio of information, analytics, and expertise. Sign in to the product or service center of your choice.

Customer Logins

IHS Markit Compliance Series - The CRS Edition 2020

alt text

IHS Markit is presenting the Compliance Series in Singapore.

The series consists of a three-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' commencement of reviews on Reporting Singapore Financial Institutions' (SGFIs) compliance with CRS in the second half of 2019, this relatively new international standard has certainly come to the fore and 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 of each module.

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

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 Compliance Reviews (4 hrs)

  • Global Forum CRS Peer Review Process
  • IRAS' guiding principles when implementing a CRS compliance review process
  • How to prepare for an IRAS CRS compliance review
  • CRS internal controls to manage CRS regulatory risks
  • IRAS' CRS Compliance activities

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

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

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.

Filter Sort