Evolution from banking secrecy to information exchange Role of OECD, G20, and Global Forum on Transparency Introduction to AEOI, CRS, FATCA, and EOIR frameworks Global efforts to combat tax evasion and illicit financial flows Impact of BEPS (Base Erosion and Profit Shifting) project Key milestones and agreements (Berlin, CRS MCAA, FATCA IGAs) International cooperation and exchange of tax information Relevance for financial institutions and multinational entities Economic implications of global tax transparency Shifting regulatory expectations and compliance culture
AEOI core principles and objectives Jurisdictions adopting AEOI and CRS timelines Mechanisms of financial data exchange Confidentiality, data protection, and safeguards Competent Authority Agreements (CAA) explained CRS schema, file format, and reporting standards Role of financial institutions in due diligence Penalties for non-compliance with AEOI obligations Implementation challenges faced globally Best practices for smooth AEOI adoption
Legal basis and framework of EOIR Key elements of EOIR (availability, access, exchange) Documentation and evidence gathering for requests Procedures for processing requests from tax authorities Rights and obligations of responding entities Record-keeping standards and retention periods Ensuring confidentiality during exchanges Case studies of EOIR disputes and resolutions Risk management in EOIR response handling Enhancing institutional readiness for EOIR
FATCA overview and U.S. IRS regulatory context Types of Intergovernmental Agreements (IGA 1 vs. IGA 2) Identifying U.S. indicia in customer onboarding FATCA entity classification and registration process Global Intermediary Identification Number (GIIN) management Due diligence and remediation for pre-existing accounts Reporting financial account information to local tax authority/IRS FATCA withholding tax mechanism explained Annual certification and compliance deadlines FATCA compliance audits and common challenges
CRS legal basis and participating jurisdictions Identifying reportable jurisdictions and financial accounts Onboarding procedures and self-certification forms Due diligence for individual and entity accounts Controlling persons and beneficial ownership identification Excluded accounts and non-reporting entities CRS XML schema and reporting process Corrections and error handling in submissions Review of CRS peer reviews and assessment findings CRS compliance health check and gap analysis
Regulatory similarities and operational overlaps Key differences in definitions and scope Harmonizing onboarding and reporting frameworks Centralized vs. decentralized reporting models Leveraging shared data for dual compliance Avoiding duplication of effort and redundant processes Integrating compliance controls for FATCA and CRS Common reporting challenges and their resolution Creating a unified governance structure Future convergence trends in tax transparency
Data mapping and collection workflows Validating data accuracy and completeness Building robust IT infrastructure for reporting Encryption and secure transmission protocols Role of RegTech and API-based solutions Automating reporting cycles and data submissions Data storage and retention policies Audit trails and compliance documentation Aligning with GDPR and data privacy laws Future-proofing systems for regulatory updates
Identifying compliance risks and vulnerabilities Building compliance risk registers and heat maps Designing internal controls for AEOI/FATCA/CRS Implementing three-lines-of-defense model Control testing and ongoing monitoring Escalation procedures for compliance breaches Regulatory penalty structures and case studies Incident management and remediation planning Periodic internal and external compliance audits Continuous improvement and control enhancement
Developing compliance policies and SOPs Defining roles and responsibilities across teams Board-level oversight and governance reporting Creating a compliance communication framework Training and capacity-building for staff Stakeholder engagement and regulatory liaison Aligning compliance strategy with ESG goals Measuring compliance effectiveness (KPIs & metrics) Encouraging a culture of ethical behavior Continuous awareness programs and refreshers
Legal obligations for cross-border data sharing Privacy regulations (GDPR, local laws) compliance Balancing transparency with client confidentiality Ethical considerations in tax reporting Avoiding over-reporting and misreporting risks Dispute resolution mechanisms with tax authorities Handling client queries and objections Documenting legal interpretations and advice Regulatory inspections and supervisory reviews Role of in-house counsel and external legal advisors
Treatment of trusts, partnerships, and foundations under CRS CRS/FATCA implications for investment funds and SPVs Dual residency and cross-border reporting complexities Enforcement actions and landmark regulatory cases Lessons learned from high-profile compliance failures Innovative approaches adopted by leading institutions Designing remediation plans after regulatory findings Peer benchmarking and best practice sharing Addressing politically exposed persons (PEPs) Impact of sanctions regimes on reporting obligations
Technological innovations shaping compliance (AI, blockchain) Data analytics for compliance trend forecasting Expansion of CRS and AEOI participation worldwide Anticipating OECD and G20 future policy changes Preparing institutions for next-generation reporting Integrating ESG and sustainability factors into compliance Strengthening resilience for emerging regulatory risks Enhancing cross-border cooperation among regulators Strategic investment in compliance capabilities Building a sustainable compliance culture
