Channel Islands: FATCA and CRS compliance program for 2023 (Jersey)

FATCA and common reporting standard (CRS) compliance activities in 2023

FATCA and common reporting standard (CRS) compliance activities in 2023

The government of Jersey announced that it will undertake the following FATCA and common reporting standard (CRS) compliance activities in 2023:

  • Identification of entities incorrectly classified for FATCA and CRS reporting in order to improve the quality and accuracy of data
  • Review of the grounds under which FATCA and CRS are reported by service providers
  • Enhancement of FATCA and CRS validations to improve the quality of information provided in the Automatic Exchange of Information (AEOI) portal
  • Compliance interventions with financial institutions (FIs) with the highest risk of non-compliance with FATCA and CRS rules, or those which present high reputational risk to Jersey

Read a January 2023 report [PDF 402 KB] prepared by the KPMG member firm in the Channel Islands

 

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