IHS Markit Compliance Series - The CRS Edition : Remediation of preexisting customers
IHS Markit is presenting the Compliance Series in Singapore on July 19, 2018.
The series consists of a four-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.
The course is IBF approved and attendees will earn up to 16 CPE points upon completion of the four part series. 4 CPE points allocated per module. 4 hours will be awarded for the master class.
Who should attend
Modules (i) - (iv) are best suited for individuals in operations, front office, relationship manager, compliance and legal teams.
Masterclass (module v) is best suited for senior management and function owners needing a high-level overview of requirement for governance.
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.
Data requirements and submitting reports
- Customer static data requirements
- Financial data requirements
- The Singapore XML Schema
- Lessons learned from early adopter reporting
preexisting customers (4hrs)
Determining the tax residency of existing customers
- Customer account aggregation requirements
- High Value Individual customer requirements
- Lower Value individual customer requirements
- Entity customer requirements
- Special Cases: sole proprietorships, joint accounts, closed accounts and estate accounts
- Customer outreach requirements
New customer requirements and CRS self-certification
- New customer requirements
- Validating the CRS form
- What is the "reasonableness test" and how far do we need to go?
- Special Cases: multiple tax residency, tax nomad
circumstance monitoring (4hrs)
Monitoring for customer changes in circumstances and associated operational challenges
- Change in circumstance requirements
- Customer outreach and classification requirements
- Systems capabilities for monitoring changes
- Case studies
CRS Masterclass (4
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
- CRS operational challenges and risks
- Penalties of non-compliance
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.