Channel Islands: FATCA and CRS reporting updates (Jersey)
Updates on CRS reportable jurisdictions, contact details on the AEOI portal, and filing deadline
Updates on CRS reportable jurisdictions, contact details on the AEOI portal
The government of Jersey on May 20, 2024, announced the opening of its automatic exchange of information (AEOI) portal for FATCA and common reporting standard (CRS) reporting. The announcement included updates on CRS reportable jurisdictions, the need for accurate contact details on the AEOI portal, and reminders for the filing deadline.
- For the reporting year (RY) 2023, Jamaica, Kenya, New Caledonia, and Thailand have been added to the reportable jurisdictions list. Financial institutions are expected to report on account holders and controlling persons from these new jurisdictions on a best-efforts basis, with no penalties for non-reporting for RY 2023. Anguilla, Liberia, Montserrat, Morocco, Niue, and Trinidad and Tobago will not be reportable for RY 2024 but remain reportable for RY 2023. A compliance note on these changes will be issued later this year.
- Financial institutions are reminded to keep their contact details on the Jersey AEOI portal updated, particularly when clients are transferred to a new provider.
- Lastly, financial institutions are reminded that FATCA and CRS reports for RY 2023 must be submitted by 30 June 2024. Support personnel will be available on 29 and 30 June to assist with urgent queries.
Read a May 2024 report prepared by the KPMG member firm in the Channel Islands
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