The Financial crisis, looming state bankruptcies, change in the public view and political pressure created in the recent years an internationally supported momentum towards exchange of information for tax purposes across the globe and additional AML measures. The course covers the various regulatory frameworks that were put in place to foster cross-border transparency related to financial institutions and their account holders in order to increase taxpayer compliance with local tax rules.
This seminar is a stand-alone segment of the CAS Tax Compliance program providing a thorough understanding of the financial market regulation for the various financial service providers in Switzerland, such as banks, insurances, securities dealers, CIS and asset managers. The seminar strongly focuses on cross-border risks and the AML framework and the particular duties for financial intermediaries operating from Switzerland.
Skills and knowledge that will be acquired
At the end of the seminar, participants will:
- understand the products and services of the financial industry, and its regulatory framework, including BankA, ISA, BEHG, CISA, CO, focusing on agency duties, criminal code, FINMA
- have a thorough understanding of the financial market supervision framework and the role of FINMA and self regulatory bodies within the supervisory system
- have a sharpened risk awareness for cross-border client dealing and doing business abroad as well as for investing in foreign markets - application of the cross-border rules based on the concept of ultimative tax payer
- understand the systematics of the Swiss AML regime, and CT rules set, in particular regarding the qualified tax offence
- know the different AMLA duties and how they apply to financial intermediaries in Switzerland
- be able to identify the beneficial owner of operating legal entities and the difference between passive and active entities in the context of financial institutions (i.e. ultimative tax payer)
- determine the elements, requirements and consequences for aggravated tax misdemeanors under the criminal code, and how to establish a Tax compliance policy and monitor financial transactions