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/

Online Training – Introduction to FATCA

 

 

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