Channel Islands: FATCA and CRS reporting guidance, compliance statement assurance (Guernsey)

Channel Islands: FATCA and CRS reporting guidance

The tax authority in Guernsey issued guidance advising financial institutions about changes regarding FATCA and common reporting standard (CRS) reporting obligations and providing an update with regard to the compliance statement assurance points.

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Guernsey financial institutions must obtain a self-certification from the account holder as part of the on-boarding process and a valid U.S. taxpayer identification number (TIN) for the account holder and/or controlling person under the FATCA rules. Guernsey financial institutions have been required to obtain a valid U.S. TIN for pre-existing accounts from 1 January 2017.

The requirement to obtain a U.S. TIN has been revised. The United States, after recognizing that foreign financial institutions (FFIs) require additional time to obtain the required TIN, developed a series of codes that may be used by a reporting Model 1 FFI (which includes those FFIs in Guernsey), in order to populate the TIN data field.

The guidance also addresses elements of the compliance assurance statements for FATCA and CRS purposes. 

Read a March 2021 report [PDF 92 KB] prepared by the KPMG member firm in the Channel Islands

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