Foreign Account Tax Compliance Act (FATCA) & Common Reporting Standard (CRS): Requirements and Updates

ABOUT THE PROGRAMME

The Foreign Account Tax Compliance Act (FATCA) and the Common Reporting Standard (CRS) continue to evolve, requiring financial institutions (FIs) to stay updated on regulatory changes and compliance obligations.

With the Malaysia-United States Intergovernmental Agreement (IGA) in effect and the first FATCA reporting completed by all FIs in 2023 as well as ongoing updates to CRS, FIs must ensure robust due diligence, onboarding procedures, and compliance frameworks to mitigate risks. Additionally, the OECD’s introduction of CRS 2.0 and the Crypto-Asset Reporting Framework (CARF) expands the scope of reporting to include digital assets, making it essential for capital market intermediaries to understand new reporting obligations and regulatory expectations.

This programme provides a comprehensive refresher on FATCA and CRS, highlighting the latest developments, key compliance requirements, and best practices for financial institutions, investment banks, and stockbroking companies. Participants will gain insights into the latest key data elements in FATCA & CRS schemas, updates on FATCA and CRS reporting requirements, and compliance obligations under OECD’s CRS 2.0 and CARF. Additionally, the session will cover critical aspects of IRBM audits, including common compliance issues, due diligence documentation, and audit readiness strategies. The programme will also address entity classification and reporting requirements specific to investment banking and stockbroking companies, ensuring participants are well-equipped to navigate the complexities of FATCA and CRS compliance.

LEARNING OUTCOMES

• Explain the requirements and updates of FATCA and CRS to ensure accurate compliance and reporting;
• Analyse the impact of the Organisation for Economic Co-operation and Development (OECD) CRS 2.0 and Crypto-Asset Reporting Framework (CARF) on financial institutions;
• Assess the key focus areas of Inland Revenue Board Malaysia (IRBM) audits on FATCA and CRS compliance;
• Identify strategies for audit readiness and response to IRBM; and
• Review the FATCA and CRS classification criteria for investment banking and stockbroking companies.

WHO SHOULD ATTEND

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

SPEAKERS

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

VENUE: 

Bangunan AICB, Kuala Lumpur

FEE
MIBA Member : RM1,800.00 per participant
Non-MIBA Member : RM2,000.00 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, 16 April 2025.

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: 39500115355
Bank Details: Hong Leong Bank Berhad
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.