Jersey releases practical guidance on CRS reporting and CRS compliance note

On 5 April 2019, the Government of Jersey issued version 3.0 of its practical guidance on reporting under the Common Reporting Standard (“CRS”) (Link). In this document, Financial Institutions which are preparing CRS reports will find assistance regarding the following topics:

  • Submission of CRS reports to Jersey
  • Registering on the live and test portals (Updated)
  • Importance of testing reports
  • How to report – the OECD schema
  • Single or multi-jurisdictional reporting
  • Empty/Blank Data Tag (New)
  • Date of Birth (Updated)
  • Trustee and third party reporting (Updated)
  • Nil Returns (Updated)
  • Data Protection
  • Specific aspects of CRS reporting (Updated)

In addition, also on 5 April 2019, the Government of Jersey published compliance Note 1: “CRS reporting by third party service providers” (Link). The note states, that Revenue Jersey has identified that some third party reporters, including trust and company service providers (“TCSPs”), have incorrectly reported that individuals and/or entities hold accounts directly in that third party. Where the third party wishes to submit a report on behalf of a client, which is a Reporting Financial

Institution (“RFI”) in its own right, or would otherwise be a Trustee Documented Trust (“TDT”), the report must show the RFI or the TDT as the reporting financial institution, and its controlling persons as account holders. An RFI or a TDT has not complied with its obligations under the CRS Regulations if it has not been shown as the reporting financial institution in the report. Financial institutions or third party service providers whose CRS reports have been structured incorrectly will be expected to submit correct reports for all affected periods as soon as they identify the issue, unless they have already been contacted by Revenue Jersey about this.

More on CRS in Jersey can be found on the CRS information website from the government of Jersey (Link).

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