A compliance notice issued by the government of Jersey states that some third-party “reporters”—including trusts and company service providers—have incorrectly reported that individuals or entities may be holding accounts directly in that third party.
Third-party service providers that file on behalf of a customer must name the reporting financial institution or trustee-documented trust as the reporting financial institution and name the controlling person(s) as the account holder(s). If the reporting financial institution or trustee-documented trust is not shown as a reporting financial institution, it will be concluded that the reporting financial institution or trustee-documented trust has failed to comply with its obligations under the common reporting standard (CRS) regulations.
Read an April 2019 report [PDF 58 KB] prepared by the KPMG member firm in the Channel Islands
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