As local financial services firms look to finalise their preparations for the OECD’s Common Reporting Standards, a seminar aims to help them to be ready for the country’s latest financial services initiative.
Local consulting firm FTS is organising a seminar on April 11 entitled “CRS 101” which will feature speakers on topics such as the essentials of CRS, differences between CRS and FATCA and a hands on case study on how to prepare for the key elements of the new information exchange regime.
“While many firms are very prepared for FATCA, CRS is a more recent initiative so it helps to provide some extra help as we are nearing the first key deadlines in April and May of this year,” said Paul Byles, Director of FTS.
The event is at the Ritz Carlton, Grand Cayman and is a half-day seminar structured as a no frills direct training exercise.
“The seminar is for CEOs, managers, compliance staff and anyone directly involved in onboarding of new clients in their firms,” Byles said.
The initial deadline of April 30 is for local financial services firms to provide certain information to the Department of International Tax Cooperation while May 31 is the first CRS reporting deadline.
One of the speakers at the seminar will be Duncan Nicol, Director of the DITC.
“The DITC has been working with industry to prepare for the implementation of CRS, and seminars such as CRS 101 support these efforts by helping local financial services firms to fine-tune their preparations”, said Nicol.
Firms interested in registering should go to FTScayman.com to do so before March 31.