CRS Compliance for Financial Institutions Training in Madrid, Spain

The Common Reporting Standard (CRS) is an international framework developed by the OECD for the automatic exchange of financial account information between tax authorities. This training equips participants with the knowledge and skills needed to ensure their institution meets CRS obligations. The course covers the regulatory environment, due diligence procedures, reporting requirements, and best practices for maintaining compliance. Through a combination of theoretical instruction and practical exercises, attendees will learn to navigate the complexities of CRS, mitigate risks, and implement effective compliance programs.

Foundations of CRS and Regulatory Landscape

• Overview of the Common Reporting Standard
• OECD's role and global adoption
• Key definitions and scope of CRS
• Interplay with FATCA and other regimes

Entity Classification and Account Types

• Financial institution definitions
• Reporting financial institutions vs. non-reporting entities
• Account types: custodial, depository, equity, and debt
• Excluded accounts and low-risk entities

Due Diligence for Pre-existing Accounts

• High-value and lower-value individual accounts
• Entity account due diligence
• Documentation and record-keeping requirements
• Review procedures and timelines

Due Diligence for New Accounts

• Self-certification forms and procedures
• New individual and entity accounts
• Verification of information
• Relationship manager procedures

CRS Reporting Requirements

• Data elements to be reported
• Reporting format and submission channels
• Deadlines and filing procedures
• Common errors and how to avoid them

Internal Controls and Compliance Management

• Developing a CRS compliance program
• Policies, procedures, and documentation
• Training and awareness programs
• Audit and monitoring mechanisms

Risk Management and Penalties

• Identifying and assessing CRS risks
• Non-compliance consequences and penalties
• Remediation and corrective actions
• Managing regulatory inquiries

Emerging Trends and Best Practices

• Updates to CRS and OECD guidance
• Technology solutions for CRS compliance
• Cross-border coordination and information sharing
• Case studies and industry practices