Smartenu Up Institute

FATCA Lite




6 IIROC Compliance credits.

The US government’s stated objective of FATCA is to identify US persons who hold assets outside the US and are not complying with US tax law which requires US persons to report worldwide income. In 2014, Canadian and other non-US financial firms will need to put in place processes to identify and report accounts owned by US persons.  While much uncertainty still exists on the regulation, this course is designed to help financial firm personnel understand FATCA in plain language, give you the tools to get you started on implementing policy and keep you current with upcoming changes. 

After completing the FATCA Lite course you will be able to:

  • Describe FATCA and how it impacts foreign financial institutions
  • Understand how FATCA will change how firms interact with clients
  • First part of FATCA - New Account Opening. Review how the client account opening procedures will be changing.
  • Explain why FATCA was created and why compliance is important
  • Identify the implementation timelines. 

You may commence taking your online course upon confirmation of payment.  The confirmation will also include your username and password to enter the online classroom.  

You can start immediately or you can come back at a later time to complete the course.

Once you start the exam portion of the course you must continue to the end. You will not be permitted to navigate back to previous pages.
 

This course should be of particular interest to:

  • Investment and financial firms' front office, back office, compliance, IT, licensed staff
  • Investment firms' counter parties at banks
  • Employees of regulatory agencies
  • Institutional client personnel
  • Industry vendors' employees
  • Persons presently outside the industry looking to increase specific financial knowledge or seek entry to the industry

 

No advance preparation required, however follow-up courses recommended are:

  • Compliance for the Securities Industry
  • Inside Canada's Securities Industry

After completing the FATCA Lite course you will be able to:

 

  • Describe FATCA and how it impacts foreign financial institutions
  • Understand how FATCA will change how firms interact with clients
  • First part of FATCA - New Account Opening. Review how the client account opening procedures will be changing.
  • Explain why FATCA was created and why compliance is important
  • Identify the implementation timelines. 

 

 

Lesson 1: A simple understanding of FATCA, introduces the background on this US initiative by answering the what, who and when questions.

Lesson 2: Covers the important FATCA facts that each financial firm should know and understand such as how Canada is expected to comply.

Lesson 3: Explains why the IRS came up with this initiative.

Lesson 4: Explains why a U.S. person has to file a tax return if they no longer reside in the U.S.

Lesson 5: Covers important first steps to understanding and implementing FATCA effectively.

Lesson 6: Takes a step back to help with taking the complication out of FATCA (understanding the different categories of FFIs)

Lesson 7: Explains how to determine who is a US person.

Lesson 8: Provides an overview of the course.

For easy reference and review of the content covered there are “What you need to know” sections at the end of every lesson.

Course Reading Material

There will be reading material and reference links to help your understanding of FATCA.

On-line Exam

At the end of the on-line course, you will complete a Knowledge Test to confirm your understanding of FATCA.

Course Code: CEC09
$300.00