ΠΕΡΙΓΡΑΦΗ

Global Compliance Institute (GCI) is an International Financial Crime Prevention and Compliance Training Institute.

We help you build the practical skills you need to keep up with all the latest industry and technological developments in the ever-evolving compliance arena. 

The aim of this programme is to analyse the two main regulations currently in place regarding the United States’ Foreign Account Tax Compliance Act as an automatic exchange of financial account information for tax purposes, as well as the impact of its provisions on financial institutions.  

The FATCA´s legal framework is presently global transparency initiatives that require Foreign Financial Institutions to automatically report financial account information of specific account holders that are subject to reporting, as per the content of the regulations. Financial Institutions are instructed to implement exhaustive due diligence measures intending to hinder any attempt by account holders to bypass the reporting. The FATCA obligations are therefore an expansion of the pre-existing know-your-customer (KYC) requirements that Financial Institutions have to fulfil, mainly due to the added need for constant monitoring and reviewing of account holders’ information and accounts, whereas KYC processes often simply follow a model of periodic reviews based on clients’ risk-rating.  

This programme focuses on identification of legal obligations for Financial Institutions regarding the U.S. law commonly referred as FATCA. This programme describes the FATCA´s legal framework following with the description of the legal obligations and their weak spots. In the practical part of the programme, the acquired knowledge is used on resolving practical case studies.

ΣΚΟΠΟΣ ΣΕΜΙΝΑΡΙΟΥ

• To Identify the development stages of the automatic information exchange regulation system
• To Understand and analyse the FATCA reporting regulations and to assess their impact on financial institutions.
• To discuss the reporting obligation of Financial Institution regarding the financial accounts with emphasis on the different categories of accounts combined and their concomitant reporting procedures.
• To Understand and analyse the withholdable payments, sanction regime for the non-compliance with the reporting obligations set in the U.S. Internal Revenue Code.
• To discuss the reporting obligation of Financial Institution regarding the U.S. source payments.
• To discuss the reporting obligation of Financial Institution in connection with their internal relationship with clients and potential changes related to GDPR, the new regulation of the data protection.
• To Understand and analyse the practical aspects for applying the acquired theoretical knowledge on legal obligations against a number of case studies.

ΣΕ ΠΟΙΟΥΣ ΑΠΕΥΘΥΝΕΤΑΙ

• Employees and executives of financial entities (such as banks, CIFs, Investment Managers, etc)
• Lawyers and legal professionals
• Accountants
• Compliance professionals
• Operations Managers and Teams
• Risk professionals
• Tax Professionals

ΠΕΡΙΣΣΟΤΕΡΕΣ ΠΛΗΡΟΦΟΡΙΕΣ

Training Outline

Understanding FATCA

• What is FATCA Exactly?
• Purpose of the FATCA regime
• The Scope of the Act
• Non-Compliance Consequences
• Types of FATCA Agreements
• Understand your responsibilities
• FATCA Governance Framework

Understanding CRS

• CRS Background
• Analyze the CRS requirements and the difference between it and FATCA

FATCA and CRS In Practice

• How to Start?
• Who is Subject and who is not?
• Build your database structure
• The 4 Projects (Preexisting)
• New Customers
• Tax Evasion Practices (Be Aware)
• How to deal with special Cases (Minor Accounts,Joint Account, POA, etc.)s
• Recalcitrants and what to do
• Withholdable payments

Documentation

• How to be smart in collecting data (Don’t Panic)?
• How to review Customer self-certification (IRS FATCA forms)
• How to verify (Avoid Report Rejection)
• How to Detect and What to Change

Reporting

• Whos is subject to reporting and who is not?
• Types of Reports
• Timeline and Thresholds
• What to report (IRS XML Schema)
• Special Cases and how to report)

Training Style

The programme is designed to deliver knowledge and enhance participants’ skills via short lectures, case-studies, practical examples, real-life simulations. Most of the training will focus in assessing participants’ current strengths and weaknesses via formal assessment tools. Participants will also benefit from customised feedback at the end of the programme and take away the knowledge gained to be transferred at their workplace. Most of the training’s time will be invested in analysing a real-life case study that will help participants understand how to solve problems in similar occasions.  Participants will engage in exchange of ideas and sharing of knowledge on the subject matter.  Participants will also be able to ask questions and obtain clarifications from the trainer on all the material covered.

CPD Recognition

This programme may be approved for up to 14 CPD units in Accounting and Auditing. Eligibility criteria and CPD Units are verified directly by your association, regulator or other bodies which you hold membership. 

The course fee includes the Membership and the Examination fee.

Membership: All GCI Candidates will have 1-year membership for free once they purchase a certification package, and three years for the Golden Award Certificate. Click here to learn more.

Examination Process. 

Exam Duration: 60 Minutes

Number of Questions: 50

Type of Question: Multiple Choice

Pass Mark: 75/100

The result appears directly, once you submit your answers.

The certificate will be issued instantly, and sent to your email address You can ask GCI to send it to your employer, through your membership area at any time.

Candidates have two options, when taking the exam:

Option 1: Self-Study. Take the online proctored exam at home

GCI’s examination process is set to the highest standards, allowing the candidate to easily register and receive their certificate Study Guide (e-book) in their selected language. Once the candidate feels ready, they can schedule the exam according to their availability. Then, GCI will provide the candidate with a token allowing them to access the exam at the scheduled date and time.

Option 2: Get the help of an accredited Training and Testing Centre

Candidates can choose the nearest GCI test centre through our website and visit it to receive help, whether by attending a class training program, taking the assessment at their facility, or both.