Channel Islands: FATCA and CRS updates (Jersey)

Revenue Jersey issued FATCA and CRS reminders.

Revenue Jersey issued FATCA and CRS reminders.

Revenue Jersey in May 2021 released a compliance note concerning FATCA and the common reporting standard (CRS).

The compliance note:

  • Provides a list of common issues observed during compliance interventions with financial institutions
  • Lists various errors related to documentation, data integrity, quality of reports, due diligence, and reporting of undocumented accounts
  • Includes hallmarks of effective implementation of FATCA and CRS taken from cases when reporting financial institutions successfully demonstrated compliance through effective governance, policies and procedures, data integration and management, and quality control reviews

Additional updates related to FATCA reporting include the following:

  • The U.S. tax agency (IRS) has added a new default taxpayer identification number (TIN), in addition to those listed in Revenue Jersey’s communication (dated 23 March 2021) that can be used by reporting financial institutions when a TIN is not held for an account holder for purposes of FATCA reporting.
  • The IRS provided further guidance on how to populate the TIN fields in FATCA reports for non-U.S. entity accounts with U.S. substantial owners.

Lastly, Revenue Jersey issued FATCA and CRS reminders concerning:

  • Reporting trustee-documented trusts and investment entities for CRS
  • Reporting deadline for 2020 reporting period
  • Global intermediary identification number (GIIN) registration

Read a May 2021 report [PDF 118 KB] prepared by the KPMG member firm in the Channel Islands



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