Seminar: FATCA & CRS Requirements

ABOUT THE PROGRAMME

The Malaysia-United States (US) Intergovernmental Agreement (IGA) was signed on 21 July 2021 to improve tax transparency and to implement the Foreign Account Tax Compliance Act (FATCA), where the relevant legislations were gazetted on 1 September 2022. In addition, the Common Reporting Standard (CRS) was developed by the Organization for Economic Cooperation and Development (OECD) to put a global model of automatic exchange of information into practice for the purpose of tax compliance. All Malaysian financial institutions (FI) including asset managers (MYFIs) are required to provide information on relevant customers to the US Internal Revenue Service (IRS) and Inland Revenue Board of Malaysia (IRBM), where applicable, to comply with the requirements. Given the complexities of FATCA and CRS requirements from onboarding customers to annual reporting obligations, it is crucial for MYFIs to ensure the relevant requirements are complied with by the fast-approaching deadline of 30 June 2023.

This seminar will examine the FATCA requirements and CRS legislations, including due diligence requirements for onboarding new customers/account openings, existing individual/entity accounts and addressing changes in circumstances (CIC) as well as the impact of non-compliance of said requirements. MYFIs’ annual reporting obligations to the tax authorities and key concerns on product classification exercise to determine in-scope and out-of-scope products for FATCA and CRS purposes will also be reviewed. Other topics that will be assessed include common FATCA group registrations for funds as single FI or a sponsored entity, and impact of foreign FI/expanded affiliated group structure changes and the relevant steps to address such changes. Issues on certification of pre-existing accounts (COPA) and period certification requirements of a FI group which has branches/ entities in non-IGA or Model 2 IGA countries will also be evaluated.

LEARNING OUTCOMES

• Apply the requirements of Malaysia-US IGA on FATCA and the Malaysian CRS legislations.
• Analyze the impact of non-compliance of FATCA and CRS requirements.
• Outline the due diligence requirements on customers and accounts in order to comply with the reporting obligations.
• Identify the key concerns on product classification exercise for FATCA and CRS purposes
• Review the common FATCA group registration and certification issues to ensure compliance with the relevant requirements

WHO SHOULD ATTEND

• Compliance, Legal & Operations Officers
• Risk Management Practitioners
• Investment bankers & Asset Managers
• Individuals interested in FATCA and CRS

SPEAKERS

Chew Meng Keat
Manager, Financial Services
Ernst & Young Tax Consultants Sdn Bhd

VENUE: 

Bangunan AICB, Kuala Lumpur

FEE
MIBA Member : RM950.00 per participant
Non-MIBA Member : RM1100.00 per participant
*10% discount applies for group registration of 5 or more from the same organisation

The closing date for the registration is on Wednesday, 28 September 2022.

TERMS AND CONDITIONS

Payment
Full payment to the following bank account is required with registration, at least one (1) week prior to the date of the programme :
Pay to: MALAYSIAN INVESTMENT BANKING ASSOCIATION
Account No: 8881003952559
Bank Details: AmBank (M) Berhad
Bangunan AmBank Group,
No. 55, Jalan Raja Chulan,
50200 Kuala Lumpur

Please e-mail payment advice to ipay@miba.com.my and state the Invoice No.

Cancellation / Substitution
Cancellations or refunds within one (1) week from the date of the programme will NOT be entertained. Non-attendance does not constitute cancellation and no refund will be given. Substitute(s) will be accepted provided forty-eight (48) hours prior written notice is received.

Data Protection
Personal data is gathered in accordance with the Personal Data Protection Act 2010 (Act 709).

Disclaimer
MIBA reserves the right to change the date, speaker, course contents and programme or cancel the programme in the event of circumstances beyond our control.

For more queries, kindly email education@miba.com.my or contact us at +603-27113991.