The Bermuda Ministry of Finance on May 27, 2024, issued an updated version of the Information Reporting Portal User Guide (v7.0) for the common reporting standard (CRS) regime.
The updates include:
- CRS reports for trustee-documented trusts (TDTs) must be filed separately in each TDT’s name, even if the same trustee is filing the report.
- If the trustee files a CRS report on behalf of a TDT, the TDT’s name must replace the trustee’s name.
- Reporting financial institutions must include dates of birth (DoBs) and taxpayer identification numbers (TINs) of individuals and/or controlling persons in CRS reports, despite the form showing it as optional. Reporting financial institutions must make reasonable efforts to gather DoBs and TINs of pre-existing accounts if missing from their records.
- Reporting financial institutions must include entity identification numbers (INs) in CRS reports, despite the form showing it as optional. Reporting financial institutions must make reasonable efforts to gather INs of pre-existing accounts if missing in their records.
- Reporting financial institutions can rely on the process described in Section 8.2 for proactive corrections if they find inaccuracies in previously submitted CRS reports. Reporting financial institutions must be prepared to clarify the circumstances behind these corrections.
Read a May 2024 report prepared by the KPMG member firm in Bermuda