As of 2014 the financial industry was confronted with new regulations relating to the US Foreign Account Tax compliance Act (FATCA). The prescribed FATCA compliance processes are complex. The FATCA Basic Course will help you to achieve a clear understanding of the FATCA obligations and the prescribed reporting procedures to avoid adverse consequences including 30% withholding penalties and closing of bank accounts.

Practical information

Program: 3 days 2.5 hours live online course
Regular price: USD 350
Lecturer: Corporate & Tax Lawyer and AEOI specialist
Group discount: 10% for each 3 participants subscribing together
Certificate: Participation certificate upon completion of course

Main Topics covered during the Course

  • Background, reasons and history of FATCA
  • Legal basis and sources of the US and IGA FATCA rules
  • Time lines for FATCA obligations
  • US indicia and relating due diligence requirements
  • Classification methods of (Non) Financial institutions (including FFI, Active NFFE and Passive NFFE)
  • Information to be reported to the local tax authorities which is forwarded to the US IRS
  • Completing of W8 forms including chapter 4 and chapter 5 classifications and G.I.I.N.s)

What will you learn?

By the end of the program you will have solid understanding of:

  • FATCA obligations and how to comply with them
  • FATCA due diligence procedures and how they should be performed
  • Which financial information should be reported and which is exempt
  • Reporting timelines
  • Classification of entities to determine reporting obligations
  • W8 forms including chapter 4 and chapter 5 status

Who should attend?

  • Financial officers
  • Legal/accounting relationship managers
  • Trust officers
  • Compliance officers of fiduciary trust service providers
  • Compliance officers of banks
  • Compliance officers of insurance companies
  • Legal counsels
  • Attorneys at law
  • Revenue officers
  • Risk Management Professionals
  • Accountants and tax advisors
  • Bank employees