The Evolving FATCA/CRS Reporting Landscape: Changes, Challenges, and Solutions
Overview:
The introduction of the Foreign Account Tax Compliance Act (FATCA) by the U.S. and Common Reporting Standard (CRS) by the Organisation for Economic Co-operation and Development (OECD) had significantly affected the compliance process of financial institutions around the globe. With the various FATCA/CRS reporting challenges that continue to hound these organizations, coupled with the COVID-19 disruption, it has been a struggle to remain compliant.
A streamlined process geared towards effective data management and data quality improvement can substantially ease the compliance burden on the financial services industry. By employing the right solution, financial institutions can meet their FATCA and CRS requirements seamlessly, even in a constantly changing regulatory climate.
In this LIVE Webcast, a panel of distinguished professionals and thought leaders will help financial institutions in EU and the Asia Pacific region, understand the implications of FATCA and CRS on their compliance process. Speakers will provide an in-depth discussion of how organizations can comply with the requirements given the current and emerging challenges. The panel will also offer the best practices in selecting and implementing an effective FATCA/CRS compliance solution.
Key topics include:
- FATCA and CRS Reporting – Differences and Common Areas
- FATCA/CRS Implications on Financial Institutions
- Top Compliance Challenges and how FIs should prepare for long term compliance
- Data-Driven Technology tackling FATCA/CRS regimes
- Essentials of an Effective FATCA/CRS Solution to address multiple jurisdictions’ requirements
- Mapping disparate source data from across silos while meeting FATCA classification specifications.
- Best Practices in better managing FATCA/CRS reporting
Learning Objectives:
- Identify the components of a sustainable FATCA/CRS compliance model
- Determine the challenges in achieving CRS compliance
- Recognize solutions to FATCA/CRS compliance challenges
Agenda:
SEGMENT 1:
Jenny Corbett, Head of FSCS, FATCA and CRS Control
Lloyds Banking Group
- How does LBG run its FATCA/CRS operations
- Current challenges from the tax authorities
- What’s next to improve data quality
SEGMENT 2:
Denise Lim, Partner
PwC Singapore
- Overview of the CRS compliance guidelines regime in Singapore
- Common findings/challenges in the industry in achieving CRS compliance
SEGMENT 3:
Guo Jian Tan, Global Tax Product Manager
AxiomSL
- Essentials of an Effective end-to-end FATCA/CRS Solution
- Navigating the demand on regulatory updates
- Refiling process - Correction/voiding of initial data (voluntary or non-voluntary)
Who Should Attend:
- Institutional Investors
- Investment Managers and Directors
- Hedge Fund Stakeholders
- Tax Professionals
- Auditing and Accounting Professionals
- Compliance Officers
- Risk Management Professionals
- In-House Counsel
- Chief Financial Officers
- C-Level Executives
Guo Jian leads AxiomSL’s Global Tax product team. He focuses on AML (KYC) and risk management and is a subject-matter expert in …
Denise is a partner with the PwC Singapore Firm working in the Financial Services Industry practice. She has over 15 …
Jenny trained as a Chartered Accountant with Price Waterhouse and moved into their tax department on qualification. Moving to work for HBOS …
Course Level:
Intermediate
Advance Preparation:
Print and review course materials
Method of Presentation:
On-demand Webcast (CLE); Group-Internet Based
Prerequisite:
General knowledge of tax laws
Course Code:
149109
NY Category of CLE Credit:
Areas of Professional Practice
NASBA Field of Study:
Taxes - Technical
Total Credit:
1.0 CLE
1.0 CPE (Not eligible for QAS (On-demand) CPE credits)
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SPEAKERS' FIRMS:
About AxiomSL
AxiomSL is a global leader in risk analytics, data-management, and regulatory-reporting solutions. Leveraging more than 25 years’ experience, AxiomSL combines its deep industry experience and intelligent data-management platform to deliver solutions and services around regulatory and risk reporting, liquidity, capital and credit, operations, trade and transactions, and tax analytics.
Website: https://www.axiomsl.com/
About PwC Singapore
With offices in 157 countries and more than 276,000 people, PwC is among the leading professional services networks in the world. We help organisations and individuals create the value they’re looking for, by delivering quality in assurance, tax and advisory services.
Website: https://www.pwc.com/
About Lloyds Banking Group
Lloyds Banking Group is the UK’s largest financial services group.
Today, we have a relationship with nearly every home in the country. We look after the financial needs of over 25 million customers, and 5 million businesses. Through our family of iconic brands we play a vital role in supporting the people, businesses and communities we serve and in creating a thriving UK economy.
Website: https://www.lloydsbankinggroup.com/