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FCS – FATCA & CRS Specialist

The U.S. Foreign Account Tax Compliance Act requires financial institutions (Such as Banks, Brokerage firms, Financial Investment entities, and specified insurance companies) in other countries to report to the IRS information about financial accounts held by U.S. taxpayers.

Non-U.S. financial institutions (known as Foreign Financial Institutions - FFIs) are required to report the U.S. persons' account information directly to the IRS or their competent local authority if the country has an Intergovernmental Agreement (IGA) with the IRS.

Vast amounts of money are kept offshore and go untaxed. Offshore tax evasion is a serious global issue. Many countries have sought to protect the integrity of their tax systems and apply regulations similar to the FATCA regulations imposed by the USA for the benefit of their own state to collect information about their taxpayers across the globe. The CRS draws extensively on the intergovernmental approach to implementing FATCA.

This program will assist you in understanding FATCA & CRS and how exactly you can implement their requirements, including Registration, Documentation, Due diligence, Implementation and reporting. Everything is explained easily in detail and followed with examples and cases studies.

The study guide of this program is constructed in a very organized manner, utilizing the "Know-How" Concept to assist you in exercising the skills you obtain from the program in a very practical way.

Program Price USD 499 covers:

One-year membership, access to the candidate portal where you can download the program study guide, undertake the practice questions, Schedule your online proctored exam. and E-Certificate and verifiable digital badge when you pass the assessment, GCI also offers one exam retake for free.

Enrol today, and Become a Certified FATCA & CRS Specialist.

Understanding FATCA

  • What is FATCA Exactly?
  • Purpose of the FATCA regime
  • The Scope of the Act
  • Non-Compliance Consequences
  • Types of FATCA Agreements
  • Understand your responsibilities
  • FATCA Governance Framework
  • Registration and recertification steps.

 

Understanding CRS

  • CRS Background
  • Analyze the CRS requirements
  • The differences between CRS and FATCA

 

FATCA and CRS In Practice

  • How to Start?
  • Who is subject and who is not?
  • Build your database structure
  • Remediate Your institutions' pre-existing Accounts
  • Design & change Your customer onboarding process and KYC forms.
  • Due-diligence procedures & Reasonableness tests.
  • Tax Evasion Practices (Be Aware)
  • How to deal with special Cases (Minor Accounts, Joint Accounts, POA, etc.)
  • Recalcitrant Accounts and how to act

 

Documentation

  • How to be smart in collecting data (Don’t Panic)?
  • IRS FATCA forms and CRS Self-Certification
  • How to verify (Avoid Report Rejection)
  • How to Detect indicia and how to act
  • Examples and case studies

 

Reporting

  • Who is subject to FATCA & CRS reporting and who is not
  • Types of Reports
  • Timeline and Thresholds
  • What to report 
  • Examples and cases

 

And Much More

FATCA Responsible Officers, and Customers relations, in the following industries:

  • Banking Industry
  • Insurance and reinsurance Companies
  • Brokerage agencies
  • Other Depository Institutions

 

Workers in the supervisory authorities, e.g.:

  • Central Banks
  • Tax and Treasury Department
  • Financial Sector Regulatory Authorities
  • Financial Intelligence Units (FIUs)
  • Related Ministries and governmental bodies

 

Workers in the (IT solution firms) who provide FATCA & CRS solutions

 

Tax Consultants & Lawyers

 

 

  •  Exam Duration: 60 Minutes
  •  # of Questions: 50
  •  Type of Question: Multiple Choice
  •  Pass Mark: 75/100

 

The result appears directly, once you submit your answers

The certificate will be issued instantly, and sent to your email address You can ask GCI to send it to your employer, through your membership area at any time.

 

Candidates have two options, when taking the exam:

Option 1: Self-Study. Take the online proctored exam at home

GCI’s examination process is set to the highest standards, allowing the candidate to easily register and receive their certificate Study Guide (e-book) in their selected language.

Once the candidate feels ready, they can schedule the exam according to their availability.

GCI will provide the candidate with information allowing them to access the exam at the scheduled date and time.

 

Option 2: Get the help of an accredited Training and Testing Centre

Candidates can choose the nearest GCI test centre through our website and visit it to receive help, whether by attending a class training program, taking the assessment at their facility, or both.

  • English
  • Arabic
  • Turkish
  • French
  • (One Year’s Membership included)
    $499.00