In Lugano, the Academy is limited only to the modules related to FATCA. Information on the course are available here
In the following matrix, the different professional profiles of financial institutions are shown in the horizontal row, while the different courses are indicated vertically. For each professional profile, the matrix suggests the best training program in order to achieve the quality standards in accordance with the Best Practice. The academic hours related to each course are shown in the
Each participant is free to choose the most suitable training program that responds to his/her specific needs.
To download the matrix
The "Foreign Account Tax Compliance Act", mostly known as FATCA, is now a reality and the repercussions are quite noticeable. In fact, FATCA aims to identify not only US Tax subjects, but also Non Parabanking Foreign Financial Institutions (NPFFI), introducing an internal reporting procedure for the former, and a withholding tax for the latter.
The Automatic Exchange of Information (AEoI) is becoming a reality and will officially start in 2018, with the transmission of the information concerning the tax year 2017.
These regulations imply new duties for the financial institution, touching several branches thereof, such as classification of entities, revised and more detailed procedures for the on-boarding of new clients, re-classification of current customers and reporting/withholding duties.
Within the financial institution, the Responsible Officer is the person in charge of the correct implementation of FATCA. The Responsible Officer has in fact a number of duties, among which:
- Ensuring the institution’s compliance with FATCA
- Obtaining periodic IRS certification
- Ensuring the correct implementation of the compliance program
The AEoI does not require the function of the Responsible Officer, but the financial Institutions have to assure the compliance with the Swiss law introducing the AEoI. Therefore the compliance officers are called to verify the correct implementation of this act.
The Responsible and Compliance Officer holds, therefore, an engaging and responsible role.
Other financial players are required to know the content of FATCA and AEoI: Compliance Officers, Tax Officers, Client Relationship Managers, Back Officers, IT/Project Managers, Risk Managers, Internal and External Auditors, Management, Non Parabanking Foreign Financial Institutions (NPFFI) and Non Financial Foreign Entities (NFFE).
In order to effectively compete in this transformed international environment, the Centro di Studi Bancari, in collaboration with KPMG, offers the “Swiss FATCA and Automatic Exchange of Information Academy” course program. Featuring a very operational character, this 4 days program allows participants to get acquainted with the principles governing FATCA and the Automatic Exchange of Information and their impacts on the everyday business.
At the end of the program the participant:
- knows the fundamentals of FATCA and AEoI principles and their implications for the daily business;
- knows how to ensure the correct implementation of the FATCA compliance program;
- knows how to identify the FATCA and AEoI Status and how to carry out the reporting duties.
C1. Introduction to QI (Qualified Intermediary) and FATCA (Foreign Account Tax Compliance Act) (8 hours)
1. Introduction to QI
2. Introduction to FATCA
3. Relationship between QI and FATCA
C2. FATCA (8 hours)
C2a - FATCA General Features and FATCA Status (4 hours)
1. Entity Classification/Ascertaining FATCA Status
1.1. FFI vs. NFFE
1.1.1. Special Cases: Exempt Beneficial Owners, Deemed FATCA Compliant Entities, and Entities Identified within Annex II of an IGA
1.2. Determinations per regulations vs. IGA
1.3. FATCA Registration requirements
2. Due Diligence/Client Onboarding
2.1. Preexisting vs. New Accounts
2.2. Regulations vs. IGA
2.2.1. Presumption rules
2.3. IRS Forms and self-certifications
2.4. Reliability of Client Documentation
3. Facilitating client compliance
3.1. Sponsored entities, Owner Documented FFIs and Trustee documented trusts
4. Ongoing obligations
4.1. Changes in circumstances
4.2. GIIN Verification
C2b - The Responsible Officer and Compliance Program (4 hours)
5. The Duties of the Responsible Officer
5.1. Presentation of the Duties for the Responsible Officer of a Model 2 FFI
6. The FFI Agreement
6.1. Presentation and Description of the FFI Agreement for a Model 2 FFI
7. The Compliance Program
7.1. Description of the requirements for a Compliance Program according to FATCA
C3. Automatic Exchange of Information (8 hours)
C3a - AEoI General Features and Client Due Diligence (4 hours)
1. How does the AEoI system work: legal framework and countries list
2. Due Diligence on Pre Existing Accounts
3. Due Diligence on New Accounts
4. Comunication Duties
C3b - AEoI Status (4 hours)
5. Active NFE
6. Passive NFE
8. Practical cases (Trust, foundation, underlying company, trading companies, fiduciary, and other)
C4. The withholding and reporting Duties (8 hours)
C4a - Withholding and reporting FATCA and QI (4 hours)
1. Withholding and reporting FATCA
1.1. The withholding Duties
1.1.1. Identification of withholdable Payments
1.1.2. Identification of Payee
1.1.3. Role of passthru Payments
1.2. The reporting Duties
1.2.1. How to report
1.2.2. Definition of a financial Account
2. Withholding and reporting QI
2.1. Coordination Rules between QI and FATCA
2.1.1. Reportable Payments and withholdable Payments
2.1.2. Form 1099, Form 1042 and Form 8966
2.1.3. Back-up withholding and FATCA withholding
C4b - Reporting AEoI (4 hours)
3.1. Differences between Model 1 IGA and CRS
3.2 Financial Accounts
3.3 How to report
3.4. Practical Cases
Classroom training and case studies
Centro di Studi Bancari teaching material
After completing the full program, a multiple choice exam (on paper) will be held in English. The exam will last one hour. Successful candidates will receive the "Swiss FATCA and AEoI Certification" issued by the Centro di Studi Bancari and KPMG.
Regulations for the Certification