FATCA & CRS Specialist Program (FCS)

The Global Compliance Institute (GCI) FATCA & CRS Specialist (FCS) program is an intensive certification designed to equip professionals with practical skills for complying with tax regulations, including entity classification, IRS reporting, documentation, and due diligence. The course focuses on identifying US people and implementing Common Reporting Standards (CRS) for financial institutions.

The FCS program covers both U.S. Foreign Account Tax Compliance Act (FATCA) and the global Common Reporting Standard (CRS) through practical, case-study-based learning.

Learning Objectives

FATCA Agreements & Scope

• Understand what FATCA is.
• Understand the different types of agreements with the IRS, including Model 1 IGA, Model 2 IGA, and Non-governmental agreements (FFI agreement).
• Compare and analyze IRS agreements and entity classifications to determine FATCA status.
• Determine FATCA compliance requirements and applicability.
• Risk-Based Approach & Compliance Monitoring

FATCA Registration Process

• Identify FATCA online registration process.
• Identify different types of financial institutions (FI) and understand the registration process cycle.
• Learn about FATCA ID, home page, account options, IDES online registration, authorized users, and data security.
• Explore the renewal of the FFI agreement and certification processes. Understand the non-compliance consequences and the termination process.

FATCA Implementation (Documentation & Due Diligence)

• Establish a compliance framework for FATCA implementation.
• Understand the role and responsibilities of the FATCA Responsible Officer. Identify reportable accounts and understand the different types of reportable accounts based on the account holder and controlling persons.
• Identify FATCA documentation forms, including Form W-9, secrecy waiver, W-8BEN Form, and Form W-8BEN-E.
• Learn about the due diligence procedures for preexisting and new individual and entity accounts.

FATCA Reporting

• Understand the reporting requirements under FATCA.
• Identify the reportable information and reporting aspects.
• Gain insights into the descriptions applicable to reporting and helpful tips for reporting.
• Learn about report preparations, including different types of reports such as reporting entity information, account holder or payee information, owner information/shareholder reporting, and financial information/payment reporting.
• Understand pooled reporting for recalcitrant accounts and the concept of nil reporting.

Common Reporting Standards (CRS)

• Understand the concept and purpose of CRS (Common Reporting Standard) Learn how participating jurisdictions collect information for CRS implementation.
• Gain knowledge on the initial steps to initiate CRS compliance. Understand the requirements and considerations for preexisting individual accounts under CRS.
• Learn about low-value accounts and the curing procedure, and high-value accounts and their implications.
• Learn about the compliance requirements for pre-existing entity accounts under CRS and new accounts under CRS.
• Compare and contrast the similarities and differences between FATCA (Foreign Account Tax Compliance Act) and CRS.
• Understand the reporting requirements and obligations under CRS. Gain practical tips and best practices for effective reporting under CRS.

Chapter 1 — FATCA AGREEMENTS & SCOPE.

• Agreements with the IRS Non-governmental agreement (FFI agreement).
• Comparison of the IRS agreements classification of entities
• Do we have to be FATCA Compliant?

Chapter 2 — FATCA REGISTRATION PROCESS

• Fatca online registration
• Financial Institution (FI) Types
• Registration process cycle
• Certification of Pre-existing Accounts (COPA)
• Periodic Certification Non-compliance with the FATCA certification

Chapter 3 — FATCA IMPLEMENTATION

• Compliance framework
• Responsible officer
• Identifying reportable accounts
• FATCA documentation forms
• Due diligence procedure

Chapter 4 — FATCA REPORTING

• Reporting requirements reports preparations
• Report 01: reporting entity information
• Report 02: account holder or payee information
• Report 03: owner information / shareholder reporting
• Report 04: financial information (payment reporting)
• Report 05: pooled reporting (recalcitrant accounts)
• Nil reporting

Chapter 5 — COMMON REPORTING STANDARDS (CRS)

• What is CRS
• How a participating jurisdiction collects the information
• The type of institution is considered a financial institution
• Pre-existing individual accounts
• Low-value accounts
• Curing procedure
• High-value accounts
• Pre-existing entities accounts
• New accounts
• Self-certification
• FATCA and CRS comparisons
• Reportable information
• The time frame for reporting
• How FIS submit the information
• Anti-avoidance rule