The Certificate on the Common Reporting Standard (CCRS) explains the key requirements and intentions of the Common Reporting Standard (CRS), an international reporting regime for the automatic exchange of information on financial accounts.
The advanced level programme aims to help industry practitioners build a comprehensive understanding of the CRS regime so they can better combat offshore tax evasion and increase tax transparency.
Designed for front office, compliance, operations and tax professionals, this professional certification aims to help practitioners navigate common issues when onboarding accounts or reviewing changes in circumstances, and better prepare for the reporting exercises and audits.
Depending on your level of experience, the CCRS will take approximately 4-5 hours to complete. You will have access to the lessons for 6 months.
| Number of teaching lessons : 6 Lessons | Duration : 6 hours |
| Level : | Language: English |
| Credit category : | |
General practitioners working in banks, corporates, or financial institutions in functions such as relationship management, credit and compliance.
- Alleviate client concerns about tax information requests
- Understand the due diligence requirements of the CRS
- Learn how the CRS fits together with other compliance practices
Our final exam consists of a 60-minute examination which is live proctored via the internet. The passing grade is 70% minimum. Upon passing the examination, learners will be issued an accredited certificate for the programme.
Lesson 1: Automatic exchange of information and CRS
- This lesson provides the background and the key objectives of the CRS.
- This builds the foundation to understand why the due diligence and reporting requirements are structured as such.
- After completing this lesson, you will be better equipped to explain to customers why you are collecting tax related data and to alleviate any of their concerns.
Lesson 2: CRS reporting basics
- Gain a solid understanding of what data is to be reported, for which type of accounts, in what type of general format.
- These reporting requirements will then feed the necessary due diligence procedures.
- Through this lesson students will gain a strong understanding of financial institutions' annual reporting obligations to the tax authorities, and in turn learn the respective roles of the various business units.
Lesson 3: Due diligence on opening new accounts
- This is where many front-line and operational teams struggle.
- This lesson will walk you through all the key requirements to validate data for new accounts, including the reasonableness of tax status claims.
- There are numerous case studies and real-life scenarios in this lesson to help you put your learning into practice.
Lesson 4: Remediation of pre-existing accounts
- Understand the various strategies financial institutions can adopt when it comes to remediation of pre-existing accounts.
- Learn the main requirements for the different types of pre-existing accounts.
- Learn how to assign tax status to accounts which do not engage or provide any data.
Lesson 5: Monitoring for changes in circumstances (CIC)
- Understand the meaning of CIC and what kinds of data changes constitute a CIC.
- Learn a number of strategies to address CIC.
- Learn how to make decisions when it comes to re-assigning a tax status to an account.
Lesson 6: Best practices for a comprehensive compliance strategy
- Learn how to comply with the CRS in conjunction with other due diligence procedures, such as AML/KYC, which rely on a lot of common data points.
- Discover strategies to synergize the business operating model to enable a more holistic and comprehensive compliance model while reducing inefficiencies and errors.
Ronald Frey, Member of the RegTech Management Board, BearingPoint RegTech
Ronald Frey is responsible for the product strategy and management of the Swiss regulatory reporting product FiRE as well as for the tax reporting products EasyTax and FiTAX. He is an expert in tax authority reporting (QI, FATCA and CRS), in tax reporting for individuals (income, wealth and capital gain) and in implementation of BearingPoint RegTech's tax software solutions.
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