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ACFCS FATCA ONLINE TRAINING OVERVIEW & LEARNING OBJECTIVES A BARBRI Professional Association

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ACFCS offers the financial crime community two ways to train for FATCA, completely online. These two training courses are guided by professional voice overs, interactive elements to keep users engaged, are written by financial crime experts and are updated as the topics evolve. Each training also includes chapter review quizzes at the end of each section to test your knowledge.

CHOOSING THE RIGHT TRAINING

FATCA training is important for all professionals in the financial crime field. ACFCS offers two training courses, the ACFCS FATCA Complete Online Training and ACFCS FATCA Essentials Online Training. Both trainings deliver guidance and best practices on the most important elements of FATCA compliance.

Training with ACFCS

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ABOUT ACFCSACFCS is a leading provider of practical tools and knowledge to help professionals improve results in financial crime detection and prevention.Through membership, live and online training, and the Certified Financial Crime Specialist (CFCS) credential, our goal is to deliver resources that enable better performance in financial crime compliance, investigations, regulation and enforcement.

HOW TO ACCESS YOUR TRAININGAll ACFCS online training courses are accessible on ACFCS.org. Once your order has been processed you will receive an email with your username and password with access to the training. If you already have a username and password you will receive an email stating that you have been given access to the course.

ACFCS online trainingsfeature many interactive elements including dragand drop, matching, multiple choice and more

Written by top experts, this training provides users with comprehensive knowledge and best practices on key FCPA factors

Users stay engaged with interactive training elements, professional voice-overs, and high-quality content to enhance the user experience

INTERACTIVE COMPREHENSIVE ENGAGING

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FATCA COMPLETE ONLINE TRAINING

The ACFCS FATCA Complete Online Training covers the full spectrum of FATCA. The training includes approximately five hours of all-encompassing knowledge on key elements of FATCA compliance for US and non-US institutions. Plus, users earn 6 CFCS, CPE credits and a Certificate of Completion.

What you will learn• Key Provisions• Vocabulary• Roles and Responsibilities• Intergovernmental Agreements• International Framework• IRS Reporting• Compliance for US and Non-US Institutions• And More

FATCA ESSENTIALS ONLINE TRAINING

The ACFCS FATCA Essentials Online Training covers the basics of FATCA. This one-hour training is ideal for frontline compliance staff and others seeking training on key FATCA elements. Plus, users earn 1 CFCS, CPE credit (pending approval) and a Certificate of Completion.

What you will learn• Key Provisions• Vocabulary• Proper Implementation• Compliance Requirements• Intergovernmental Agreements• And More

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AML

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SANCTIONS

TERRORISM

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BIG DATAFINANCING

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SANCTIONS

COMPLIANCE

CORRUPTION

CORRUPTION

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PLIA

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TRAIN YOUR ENTIRE TEAM

Managers have access to their entire team’s progress reports, status and success through the online training management dashboard. With this dashboard, managers can track the progress of their entire team no matter where they are located. Plus, take advantage of group pricing.

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FATCA Complete OverviewThe ACFCS Complete FATCA Online Training gives users an in-depth look into the Foreign Account Tax Compliance Act. This training is five hours long and is divided into five sections. It includes interactive review quizzes at the end of each chapter to increase knowledge retention.

Section 1 provides a comprehensive overview of the history and provisions of the US Foreign Account Tax Compliance Act, or FATCA. It covers the institutions and organizations that have FATCA compliance duties and specifies FATCA compliance terms and definitions. It also introduces core FATCA compliance steps for US and non-US organizations, including customer identification and verification, registration, reporting and withholding.

SECTION 1

Learning Objectives• Understand the history of FATCA and why it was created• Become familiar with common terminology related to FATCA• Learn what FATCA covers and who it applies to• Become familiar with FATCA’s reporting and customer identification requirements

• Know the penalties that may be imposed for non-compliance• Recognize the roles and responsibilities for FATCA compliance in a financial institution• Understand the key reporting, registration and compliance deadlines

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Section 3 gives an in-depth examination of FATCA “Intergovernmental Agreements” (IGAs) and their effect on FATCA compliance for US and non-US institutions. It describes the origins and purpose of IGAs, their structure and how the US and other nations negotiate them. It also guides you on Model I and II IGAs and their due diligence, reporting and withholding requirements. It also examines the differences between FATCA compliance under IGAs and under the final United States Internal Revenue Service regulations.

Learning Objectives• Understand why IGAs are offered and how a nation enters into an IGA with the United States• Understand Model I and Model II IGAs• Understand an FFI’s registration, reporting and due diligence requirements under a Model I IGA• Understand an FFI’s registration, reporting and due diligence requirements under a Model II IGA

• Know the benefits of a FATCA IGA for an FFI and a FATCA partner nation• Understand how IGAs modify FATCA compliance and implementation duties specified in the final IRS FATCA regulations• Recognize the administrative and enforcement obligations that IGAs impose on FATCA partner governments

Section 2 guides you on how institutions and businesses are assigning FATCA compliance duties internally. It covers the key departments and staff that have compliance obligations under FATCA and describes their likely role in an organization’s compliance program. It also explains the FATCA data collection and management challenges for US and non-US institutions and provides a timeline of deadlines and implementation dates.

Learning Objectives• Recognize the roles, functions and expertise that play a role in implementing FATCA on at FFIs and US withholding agents• Understand the data collection and management duties under FATCA and how they may be addressed• Become familiar with FATCA customer due diligence responsibilities

• Become familiar with the reporting forms prescribed by the United States Internal Revenue Service and how they will be used• Understand the various deadlines that bear on FATCA requirements and when due diligence, reporting and withholding obligations take effect

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Section 5 provides detailed training on the FATCA compliance process for US financial institutions and other companies, with a focus on withholding. This part gives an extensive review of the withholding process, including what payments and payees are subject to FATCA withholding, and due diligence steps required for withholding agents. It also provides a thorough overview on reciprocal reporting by US institutions, and describes pending issues and compliance considerations for US institutions. While tailored to a US perspective, it is appropriate and applicable to all organizations with withholding duties under FATCA.

Learning Objectives• Know the types of US organizations with FATCA duties• Understand the reciprocal reporting duties of US financial institutions under IGAs• Identify types of payments subject to FATCA withholding• Recognize due diligence and verification steps withholding agents must take

• Understand what ongoing monitoring of payees with holding agents must conduct• Know the definitions of “grandfathered obligations” and “foreign pass-thru payments” and how they affect withholding• Become familiar with a timeline of key dates and implementation deadlines for FATCA withholding agents

Learning Objectives• Distinguish which FFIs have few or no FATCA compliance duties• Learn how FFIs register with the US Internal Revenue Service and what they must consider in deciding how to register• Recognize the elements of an account review for pre-existing accounts, including the search for US “indicia” and verification of account holder status

• Identify the new customer onboarding and account monitoring procedures that FFIs should follow• Have a thorough understanding of the withholding duties of FFIs• Outline the future FATCA compliance challenges FFIs face, including withholding on “pass-thru” payments and dealing with recalcitrant accounts

Section 4 guides you in-depth on FATCA compliance essentials for non-US financial institutions, including the types of institutions that are exempt from FATCA, the registration process for FFIs, and the duties of the FATCA Responsible Officer. It provides details on due diligence and reporting requirements and key deadlines and informs you of pending issues and compliance considerations for non-US institutions.

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FATCA Essentials Overview

Table of Contents

1.1 FATCA Introduction

1.2 FATCA Requirements

1.3 Brief Review of FATCA Requirements

1.4 FATCA Vocabulary

1.5 Accounts in Scope

1.6 Introduction to FATCA IGAs

1.7 FATCA Compliance Departments

1.8 FATCA Timeline

1.9 Logistics of FATCA

1.10 Data Collection

1.11 Verification

1.12 Registration

1.13 Withholding

1.14 FATCA and Financial Institutions

1.15 Tax and Account Reporting System

1.1 FATCA Essentials Summary

The ACFCS FATCA Essentials Online Training is a condensed version of the ACFCS FATCA Complete Online Training. This training provides users with one hour of comprehensive training and is ideal for frontline compliance staff and others seeking training on key FATCA elements.

SUMMARY FATCA Essentials provides a comprehensive overview of the history and provisions of the US Foreign Account Tax Compliance Act, or FATCA. It covers the institutions and organizations that have FATCA compliance duties and specifies FATCA compliance terms and definitions. An introduction to FATCA intergovernmental agreements and the timeline for FATCA implementation is included in this course. It also introduces core FATCA compliance steps for US and non-US organizations, including customer identification and verification, registration, reporting and withholding.

8ACFCS.ORG A BARBRI Professional Association

A Step Ahead.ACFCS is passionate about delivering professional resources that enable better performance when failure is not an option. ACFCS: the association for the era of convergence in financial crime compliance, investigations, regulation and enforcement.

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