Public Speaking

How to conduct an effective CRS internal audit and what must be done before your first SFTA audit


 

PAST EVENTS:

GENEVA, TUESDAY 19 NOVEMBER 2019, HOTEL LE RICHEMOND, 9.00-12.30


ZURICH, WEDNESDAY 20 NOVEMBER 2019, ZUNFTHAUS ZUR WAAG, 9.00-12.30


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Where should FI’s start in their assessment of the problems? What can FIs do immediately before the Swiss Federal Tax Administration audit: amend the AML-CRS manual, organize the risk management governance and internal controls, test CRS report assurance and staff knowledge. This workshop will provide practical guidance on what must be done in the pre- audit period.


AGENDA


What does the OECD expect relatively to CRS audits?

A quick overview of the OECD Global Forum Terms of Reference

  • Jurisdiction administrative framework

  • Effective implementation of CRS

  • Legislative framework to prevent circumvention of CRS

  • Verification of Financial Institution compliance, CRS Audit Assessments


Preparing for your first CRS Audit

  • Company level assessment

  • Client level assessment

  • Staff level assessment


You must have a compliant Process Management Framework:

this is how you can complete and improve your CRS Manual

  • CRS Manual vs. AML Manual Integration, which is better?

  • AML Process and Procedure Integration

  • CRS Due Diligence Processes and Procedures Integration

  • Required Financial Account Segmentation guidelines

  • “Change in Circumstance” essential guidelines

  • "Reasonableness Test” essential guidelines

  • “Account Closure” essential guidelines

  • 3rd Party Provider Governance and Supervision essential guidelines


You must do a Client File Audit Assessment:

here are the main possible failures and the possible solutions

  • Client Reporting lifecycle: Identification; Classification; Monitoring; Reporting; Closure

  • Key Implementation Failures: Identification | Classification

  • Key Monitoring Failures: Monitoring | Reporting

  • Key Account Closure Failures: Closure

  • What are the Top Audit Failures


You must have in place a serious Risk Management Framework:

here are some of the main risk management issues that you must address

  • Risk Management Governance

  • Anti-Avoidance Guidelines: Best Practice Guidance

  • Specific Risk Management: “Change in Circumstance”

  • Specific Risk Management: “Self Certificate Residence”

  • Specific Risk Management: “Account Closure”

  • Account Type Risk Rating Framework

  • Staff Competency | Training | Assessment


CRS Expert | Audit Assessment Software

  • Client File Reporting Outcome Assurance Testing

  • Staff Knowledge Resource and Competency Testing


Key Audit Competencies:

  • Full | Accurate | Up to Date | CRS Reports

  • Staff Competency Assessment

  • Robust Operational Framework (Risk and Process Management)

  • Statutory Document Management


 








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