FATCA and the CRS

• 30 Minutes
• For all staff
• UK

FATCA requires financial institutions outside the United States to report information on customers who are US persons, and the Common Reporting Standard extends similar obligations across participating jurisdictions. This 30-minute course helps staff identify the aims and key features of both regimes and apply the due diligence procedures needed to document and identify reportable accounts.

Indicia are picked up at onboarding by people who are not tax specialists, and a missed indicator becomes a reporting failure that only surfaces at audit. Penalties and withholding consequences attach to the institution. Training client onboarding and relationship staff is the practical control, because remediating historic account documentation is considerably more expensive than getting it right at the outset.