Guernsey publishes Bulletin regarding FATCA and CRS

On 21 February 2019, Guernsey published the “Common Reporting Standard (“CRS”) and US IGA (“FATCA”) Corrections for Reporting Period 2017-31-12” (“Bulletin 2019/1” or “The Bulletin”) (Link).

The bulletin states that data received from reporting Financial Institutions (“FIs”) for the calendar year 2017 both in respect of the Foreign Account Tax Compliance Act (“FATCA”) and CRS reporting, was transmitted by the Director to the United States of America (in relation to FATCA data) and Reportable Jurisdictions (in relation to CRS data), by the deadline of 30 September 2018.

Following the transmittal of this data, Guernsey received status notifications from the

Reportable Jurisdictions that has indicated record level errors that require FI action to make the relevant corrections for CRS and FATCA data.

A formal Notice will be issued shortly to all reporting Financial Institutions via the IGOR messaging facility. Organisations are reminded to check that their IGOR accounts contain up to date points of contact. As a matter of good practice, it is recommended that at least two users are maintained for each Organization, and that a generic multiple user email address is included.

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