Saint Kitts and Nevis: Advisory on CRS requirement to obtain date of birth information
Reporting financial institutions are required to obtain date of birth information for all new accounts
Advisory on CRS requirement to obtain date of birth information
The tax authority of Saint Kitts and Nevis on 21 February 2022 issued an advisory on the common reporting standard (CRS) requirement to obtain and report a date of birth for reportable persons.
Reporting financial institutions were required to obtain date of birth information for all pre-existing reportable accounts (accounts opened before January 2017) by the end of 2018, and the information obtained must be included in the financial institution’s customer file.
Reporting financial institutions are also required to obtain the date of birth information for all new accounts (accounts opened after January 2017) during the onboarding process. The information can be obtained from any valid government issued identification document submitted while opening the account.
Failure to report a date of birth may result in administrative penalties imposed on the reporting financial institutions.
Read a March 2022 report [PDF 310 KB] prepared by a KPMG member firm in the Caribbean region
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