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Online Training – Introduction to FATCA Course overview The Foreign Account Tax Compliance Act (FATCA) was signed into law on March 18 2010, as part of the HIRE (Hiring Incentive to Restore Employment) Act. FATCA was enacted as the U.S. Treasury Department’s regulatory response to the perceived abuse of the existing Internal Revenue Code and FATCA comprises Chapter 4 of this code and essentially creates a global tax information exchange network relating to U.S. taxpayers who hold ‘financial’ accounts in either U.S. Financial Institutions (USFIs) or Foreign Financial Institutions (FFIs). FATCA comprises a detailed and complex set of requirements, which vary depending on whether countries where FFIs are based have entered into an intergovernmental agreement with the U.S.

Target audience The audience for this course includes professionals working in legal, tax, compliance, internal audit, operations, finance, information technology and banking and finance staff and anyone else interested in understanding more about FATCA.

Course content  Module 1 – Course overview  Module 2 – Introduction to FATCA  Module 3 – The FATCA World Cup  Module 4 – The Rules #1 – Scope and applicability  Module 5 – The Rules #2 – Registration and certification  Module 6 – The Rules #3 – Customer due diligence  Module 7 – The Rules #4 – Withholding  Module 8 – The Rules #5 – Reporting  Module 9 – The Rules #6 – Ongoing oversight and other obligations  Learning assessment

Pricing Courses are available for $200 for members or $250 for non-members. Discounts are available for corporate licenses and courses can be customised to suit specific requirements. Access this and other courses on the following link - http://elearn.financialcrimesconsulting.com/

 


Detailed Course Outline

Module 1: Course overview Module 2: Introduction to FATCA  What is FATCA and how did it come about?  What is the history of the development of FATCA legislation?  Gains and losses between draft and final regulations  What is the size of the tax evasion problem?  What are the objectives of FATCA? Module 3: The FATCA World Cup  The host nation, the teams, the positions, competition history, the players, player profiles, team captains, the owners, pre-tournament qualification (about the IGA), the game and kickoff Module 4: The Rules #1 – Scope and applicability  What is the definition of a ‘financial institution’ under FATCA?  What is the definition of a ‘financial account’ under FATCA?  What products are and are not considered to be ‘financial accounts’? Module 5: The Rules #2 – Registration and certification  The FFI registration process  Certification of FATCA compliance Module 6: The Rules #3 – Customer due diligence  Overview of customer due diligence obligations for new individual and entity account holders  Customer due diligence for new individual account holders  What are U.S. indicia?  What are the ‘curing’ requirements for documenting individual accounts with U.S. indicia?  Customer due diligence for new entity account holders  The challenge of assigning a FATCA status to entity accounts and acceptable evidence  Typical customer due diligence process flows for individual and entity account holders  Pre-existing account remediation for individual account holders – thresholds, curing, conducting enhanced reviews and timing to complete remediation  Pre-existing account remediation for entity account holders – thresholds, curing and timing to complete remediation  Overview of customer due diligence obligations for existing individual and entity account holders Module 7: The Rules #4 – Withholding  Scope and applicability  What is and what is not considered a ‘withholdable payment’? Module 8: The Rules #5 – Reporting  Scope and applicability Module 9: The Rules #6 – Ongoing oversight and other obligations  Future competitions  Winners and losers  Match analysis  Pre-match preparation – are you FATCA match fit? Learning Assessment

 


Introduction to the Foreign Account Tax Compliance Act FATCA