Certificate on the Common Reporting Standard (CCRS)

Understand the key elements of the Common Reporting Standard so you can incorporate them as part of a holistic compliance operating model

051-deal CCRS

Alleviate client concerns about tax information requests

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Understand the due diligence requirements of the CRS

GTC Icon Puzzle CCRS

Learn how the CRS fits together with other compliance practices

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Purpose of this Certificate

The Common Reporting Standard (CRS) is an internationally agreed standard for the automatic exchange of information (AEOI) on financial accounts. Its goal is to increase the fiscal transparency of cross-border wealth management and combat offshore tax evasion. 109 jurisdictions have exchanged information under the CRS as of 2020.

Designed for front office, compliance, operations and tax professionals, this online certification aims to provide an understanding of the key requirements and intentions of the CRS regime, and how to incorporate them as part of a strategic compliance operating model. This will help practitioners navigate common issues when onboarding accounts or reviewing changes in circumstances, and better prepare for the reporting exercises and audits.

Common problems with CRS that this course helps to solve

Do any of the problems below sound familiar to you? The CCRS course will help you and your team tackle them more effectively.

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Certificate Structure & Curriculum

This certificate is split into 6 lessons and a final exam, all taken online. All of the lessons tackle a key problem or difficulty in implementing the Common Reporting Standard regime and have been developed in partnership with experts in regulatory reporting. You can find outlines for all of the lessons below.

Depending on your level of experience, the CCRS will take approximately 4-5 hours to complete. You will have access to the lessons for 6 months.

Lesson 1: Automatic exchange of information and CRS

  • This lesson provides the background and the key objectives of the Common Reporting Standard.
  • This builds the foundation to understand why the due diligence and reporting requirements are structured as such.
  • After completing this lesson you will be better equipped to explain to customers why you are collecting tax related data and to alleviate any of their concerns.

Lesson 2: CRS reporting basics

  • Gain a solid understanding of what data is to be reported, for which type of accounts, in what type of general format.
  • These reporting requirements will then feed the necessary due diligence procedures.
  • Through this lesson students will gain a strong understanding of financial institutions' annual reporting obligations to the tax authorities, and in turn learn the respective roles of the various business units.

Lesson 3: Due diligence on opening new accounts

  • This is where many front-line and operational teams struggle.
  • This lesson will walk you through all the key requirements to validate data for new accounts, including the
    reasonableness of tax status claims.
  • There are numerous case studies and real life scenarios in this lesson to help you put your learning into practice.

Lesson 4: Remediation of pre-existing accounts

  • Understand the various strategies financial institutions can adopt when it comes to remediation of pre-existing accounts.
  • Learn the main requirements for the different types of pre-existing accounts.
  • Learn how to assign tax status to accounts which do not engage or provide any data.

Lesson 5: Monitoring for changes in circumstances (CIC)

  • Understand the meaning of CIC and what kinds of data changes constitute a CIC.
  • Learn a number of strategies to address CIC.
  • Learn how to make decisions when it comes to re-assigning a tax status to an account.

Lesson 6: Best practices for a comprehensive compliance strategy

  • Learn how to comply with the CRS in conjunction with other due diligence procedures, such as AML/KYC, which rely on a lot of common data points.
  • Discover strategies to synergize the business operating model to enable a more holistic and comprehensive compliance model while reducing inefficiencies and errors.

Final Exam

  • The final exam can be taken at any time before the expiry of the account (you get access for 6 months) and after you have completed the 6 lessons.
  • The exam consists of multiple choice questions and lasts for 60 minutes.
  • To ensure the integrity of your result the exam is live proctored via the internet. The only requirement is a steady internet connection.
  • The passing grade is 70%. Upon passing the examination, learners will be issued a downloadable, accredited certificate, signed by the ICC Secretary General
  • You can then use the “CCRS” designation and join our alumni community
  • The programme allows one attempt at the exam. If required, a retake can be purchased for USD $60 (before the expiry of your account) by contacting our Help Desk at helpdesk@iccacademy.com.sg.
Full Exam Requirements

CCRS for Individuals

US$350
  • 6 months access to all 6 lessons. Repeat them as many times as you want.
  • Online, interactive learning with quiz questions, 8 case studies and challenge activities.
  • Downloadable study guide for offline reference.
  • 60-minute final exam.
  • Recognised under IBF's Financial Training Scheme in Singapore.
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CCRS for Teams

Tailored pricing
  • All features of individual purchases, plus....
  • Dedicated service manager
  • Customised integrated programme
  • Personalised management dashboard for tracking candidate progress
  • Post programme review
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FAQs

Answers to your most commonly asked questions.

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