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Cayman Islands: Updates on upcoming CRS comprehensive reviews

A comprehensive review process for financial institutions that will resemble an onsite inspection or audit.

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January 3, 2025

During a seminar—in early November 2024—hosted by the Cayman Islands Customs Agency (CICA) and Department for International Tax Cooperation (DITC), the DITC outlined a comprehensive review process for financial institutions that will resemble an onsite inspection or audit.

Key aspects of the process are as follows:

  • When the DITC selects a financial institution for review, it will be contacted through the principal point of contact.
  • The DITC will first request high-level information, such as financial statements, self-certification forms, and investor lists.
  • After reviewing the information and receiving responses to any queries, the DITC will organize a meeting with all relevant parties, including directors, AEOI service providers, and any other relevant individuals involved in fulfilling the common reporting standard (CRS) obligations.

Upon completing the review, the DITC will require rectification of any identified deficiencies and assess whether any offenses have been committed under the CRS regulations. Notably, a penalty would apply if a financial institution selected for the review fails to respond to the DITC's requests, as this will be considered an offense.

Read a December 2024 report prepared by the KPMG member firm in the Cayman Islands

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