The Changing face of the OECD Common Reporting Standard (“CRS”)

Speaker

Charlie Willcox

About The Speaker

Charlie is an independent consultant specialising in providing advice and assistance
with regard to all aspects of the FATCA and CRS regimes and regulatory compliance.

Charlie has worked for more than 40 years in financial services in the UK, its Crown Dependencies and Overseas Territories and in Switzerland, focussing primarily on the risk management and control functions, encompassing retail and private banking, wealth management and Family Offices. He also worked for the UK Financial Services. Regulator for five years, leading a supervisory team responsible for asset managers, corporate finance firms and Independent Financial Advisors.

Prior to becoming an independent consultant, Charlie worked for fifteen years for the Stonehage Fleming Group, a large and globally represented muti-family office where he implemented the FATCA and CRS regimes and was responsible for ensuring compliance with these regimes across the global group, on an ongoing basis. Charlie is an expert in FATCA and CRS, as well as other tax transparency initiatives such as beneficial ownership registers of companies and trusts and economic substance rules. He advises both financial institutions and client families on the risks and impacts of these regimes.

 

Upcoming Event

The Changing face of the OECD Common Reporting Standard (“CRS”)

  • 18th November, 2025
  • Les Suites, United Docks Business Park, Portlouis
  • 9AM to 4.30PM
  • Rs 19,000 (MQA approved & HRDC refundable up to 75%)
Register Now
Course Details

Overview

The CRS has been updated and enhanced to pull in certain requirements which were previously found in the FAQs only and many of which up to now were either not understood, overlooked or simply ignored. This is now no longer possible as they will now have the full force of the CRS itself behind them. In addition, the content of reporting is being enhanced which will lead to increased data gathering requirements which will need to be put in place. It is expected that jurisdictions will be required to implement these enhancements by 2027 for reporting in respect of the 2026 period.

Furthermore, tax authorities have become more focussed on ensuring correct and timely reporting and are taking a more stringent approach to ensuring this is the case and significant fines have been levied for late or incorrect reporting. In addition, additional requirements have been imposed by certain jurisdictions all of which is leading to an increased compliance burden and an increased risk of failure to comply with the resultant consequences.

This seminar will define the upcoming rule changes and enhanced reporting requirements and what firms will need to do to ensure these changes are fully implemented in a practical and efficient manner. It will also highlight new AI-driven automation tools which are designed to eliminate current manual practices and reduce the risk on non-compliance.

Course Objectives

By the end of the seminar participants will be able to:

  • Fully understand forthcoming changes to the CRS rules and what will be required to implement them
  • Understand the additional CRS reporting requirements and the data that will now be required to be reported
  • Understand the reasons behind the more aggressive approach of tax authorities to ensure CRS compliance and the actions that need to be taken
  • Learn how automation can reduce risk, bring efficiencies and make real cost and time savings.

Course Outline

1.Changes to CRS Rules

  • “Deep dive” into the new/additional requirements explained
  • Are there any new reportable account holders and if so, who these are
  • Impacts on the due diligence rules explained
  • What actions are required for “tax ghosts”
  • Disclosure requirement for subsidiaries of publicly quoted companies
  • Timing for the collection and validation of self-certification forms, including for persons resident in CBI/RBI jurisdictions
  • Impacts of the inclusion of crypto assets and electronic money products
  • “Indirect” distributions from a trust
 

2. New/Additional Reporting Requirements

  • What is now required to be reported
  • What are the impacts on data reporting and maintenance
  • When to commence collecting the required additional data
  • Interaction with the Crypto Assets Reporting Framework (“CARF”) – duplication of reporting?
 

3. Tax Authorities – the new approach

  • The background – why are tax authorities being more aggressive in their approach to CRS
    compliance
  • What are we seeing in the approach to CRS reporting for the 2024 reporting period
  • The consequences of failure – examples of the significant fines being levied and other actions
    being taken
 
4. Automation – How AI-driven tools are changing the landscape
  • Benefits of automation
  • De-risking the processes in complying with the CRS
  • Reduced management time and involvement
  • Reduced costs through efficiencies
  • Demonstration of a tool in action

Target Audience

The target audience will be directors and senior management of firms that provide trustee anddirector services and who have oversight and control responsibilities for ensuring CRS compliance within their respective firms.

Register Now