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