[Webinar]: Understanding FATCA and CRS Requirements

Overview

Foreign Account Tax Compliance Act (“FATCA”) was enacted by the US in March 2014. The objective is to increase the transparency of US persons holding financial accounts outside the US. Under FATCA, financial institutions are required to identify and report US person account holders to the US Internal Revenue Service.

The Organization for Economic Co-operation and Development (“OECD”) adopted a similar initiative by introducing the Automatic Exchange of Financial Information (“AEoI”). Similar to FATCA, financial institutions identify the tax residence of certain financial account holders and report them to the local tax authority. This is also known as the Common Reporting Standard (“CRS”).

Objective

By the end of the training, participants will be able to:
- Understand the requirements of FATCA and CRS;
- Describe how FATCA and CRS impact the operations of financial institutions
- List the consequences of non-compliance

Content

1. Overview of FATCA and CRS;
2. Requirements for FATCA and CRS;
3. In-scope entities and accounts for FATCA and CRS;
4. Due diligence requirements; and
5. Penalties for non-compliance.

Who should attend

The course is intended for the following individuals or professionals:
- Account opening or client onboarding team
- Compliance team responsible for AML / KYC
- Licensed holders/relevant individuals
- Frontline staff

Speaker/Course Instructor

Christine TANG

Christine is a Senior Manager in the US Tax Consulting Group of PwC Hong Kong. Prior to joining PwC Hong Kong, Christine has extensive experience in advising cross border transactions, product structuring and tax operations for banking and capital markets sectors. Christine handled Qualified Intermediary (QI), Foreign Account Tax Compliance Act (FATCA), and Common Reporting Standard (CRS) for Standard Chartered Bank and Citigroup. She was an advocate for the intergovernmental agreement by providing input to government authorities in China, Hong Kong, Singapore, Vietnam, Pakistan, and the U.S. She provided in-house FATCA and CRS trainings and trainings through banking associations. Christine was a member of the FATCA Working Group of the Hong Kong Association of Banks, chair of the CRS Working Group of Asia Securities Industry & Financial Markets Association. Christine is currently a member of the Business & Industry Advisory Committee to OECD on CRS. Christine holds an MBA from University of Massachusetts at Boston. She is a U.S. Certified Public Account and a member of the Hong Kong Institute of Certified Public Accountants.

Trudy YAN

Trudy Yan is a Manager in the US Tax Consulting Group of PwC Hong Kong. Trudy specializes in Foreign Account Tax Compliance Act (FATCA), Common Reporting Standard (CRS), and Qualified Intermediary (QI) regulatory frameworks. She participated in a number of FATCA, CRS and QI advisory engagements for financial institutions in the banking and asset management industries and has a deep understanding of how FATCA and CRS affect investment funds and asset management companies and of financial products and services. Trudy started her career at PwC US serving multinational high-tech, biotech companies as well as venture capital firms in the Silicon Valley. Prior to relocating to Hong Kong, she was the Senior Tax Analyst at Adobe Systems based in the US. Trudy holds a Master of Business Administration degree from Hong Kong University of Science and Technology and a Bachelor of Science in Business Administration in Accountancy degree from the California State University of Fresno. She is a licensed U.S. Certified Public Accountant and a member of the American Institute of Certified Public Accountants.

Details

Code

TPRCR20010601

Date & Time

Tuesday, 19 May 2020 (12:00PM - 2:00PM)

Venue

Virtual Platform

Relevant Subject

Regulatory Compliance

Compliance, Legislative & Regulatory Standards