Code 07 – Course DAC5 FATCA & CRS – Impacts and obligations of financial intermediaries towards the Italian Revenue Agency

Structure

The course consists of a half-day, three-hour classroom session. The course includes significant hands-on learning with the practical analysis of real-world cases, proposed by the students themselves, which are then analyzed and discussed in plenary sessions or through exercises led by the instructor. Each half-day of training provides two training credits, necessary for renewing the certifications issued by the school (AMLACERT, KYCACERT, RCACERT, WSACERT) and the CAMS certification.

Program

CONCEPTS OF: TAX CRIMES; Money laundering; financing OF TERRORISM.
Tax Crimes.
What is recycling?
What is terrorist financing?

INTRODUCTION TO FATCA
Introduction to FATCA.
– What is FATCA?
– Intergovernmental Agreement between Italy and USA of January 10, 2014.
– Italian legislation (Decree MEF of 6 August 2015).
– FATCA and impacts for the financial institutions
US subjects
US Person
Green Card

INTRODUCTION TO CRS
Introduction to CRS
– What is CRS?
– Italian legislation (Law of 18 June 2015)
– Ministry of Economy and Finance Decree of 28 December 2015
– CRS – some important definitions
– Jurisdiction subject to communication
– People subject to communication
– Financial institution
– Reportable account
– Passive non-financial entity
– Person who exercises control
– CRS – Objective profile – information exchanged

DUE TAX VERIFICATION
– What is Tax Due Diligence?
– Difference with AML due diligence
- Characteristics
– Tax residence
Examples

DIRECTIVES DAC5 AND DAC6 (2018/822)
The DAC5 Directive and the new powers of access and control of the Financial Administration in the exchange of information.

– Implementation of Directive 2258/2016 – Legislative Decree 60/2018
– Who is DAC 5 aimed at?
– The role of the Revenue Agency and the Guardia di Finanza
– Access to data for CRS checks
– Register of beneficial owners of legal entities and Trust
The DAC6 Directive and the automatic exchange of information on cross-border mechanisms
– Directive 2018/822 – DAC 6
– Legislative process
– Cross-border mechanism subject to communication
– Subjective requirements
– Intermediaries required to communicate
– What needs to be communicated
– Circular 2/E of 02/10/2021
– Cases of exemption from communication

THE PRESIDIARIES OF THE FINANCIAL ADMINISTRATION IN
INTERNATIONAL SCOPE DL167/90
Tax monitoring of financial intermediaries;
– What is it;
– Who must communicate;
– On whose behalf;
– What data is transmitted
Monitoring of financial activities and investments held abroad;
– Subjective scope
– Objective scope
– The figure of the Beneficial Owner
The new investigative powers of the UCIFI and the Special Units of the Guardia di Finanza.