Procedures to be followed when a reporting financial institution receives a notice to undertake a CRS review
The Bermuda Ministry of Finance on 15 May 2024 issued an updated version of the common reporting standard (CRS) independent compliance review guidelines (version 2.0) that outlines the procedures to be followed when a Bermuda reporting financial institution receives a notice to undertake a CRS review.
The guidelines detail the Ministry’s expectations for the information that needs to be included in each CRS review report submitted, and contains the following updates:
The section on completeness of CRS filings has been updated to note that reporting financial institutions must comply with the CRS requirements to collect tax identification numbers (TINs) and dates of birth, along with using reasonable efforts for pre-existing accounts lacking this information.
Read a May 2024 report prepared by the KPMG member firm in Bermuda