Barbados: Guidance on FATCA and CRS procedural manual requirements

Compliance reviews identified a lack of documented procedural manuals

Share
november 25, 2025

The Barbados Revenue Authority (BRA) in October 2025 issued guidance detailing the minimum content required in procedural manuals for reporting Barbados financial institutions. The manuals are essential for effective implementation of FATCA and the common reporting standard (CRS).

This guidance comes after BRA's compliance reviews identified a lack of documented procedural manuals among several reporting Barbados financial institutions, leading to implementation gaps and knowledge deficiencies. Procedural manuals should include an overview of FATCA and CRS, definitions of key terms, roles and responsibilities, due diligence procedures, self-certification requirements, data extraction processes, mandatory staff training policies, and reporting procedures.

Read a November 2025 report prepared by the KPMG member firm in Barbados

Thank you!

Thank you for contacting KPMG. We will respond to you as soon as possible.

Contact KPMG

Use this form to submit general inquiries to KPMG. We will respond to you as soon as possible.
All fields with an asterisk (*) are required.

Job seekers

Visit our careers section or search our jobs database.

Submit RFP

Use the RFP submission form to detail the services KPMG can help assist you with.

Office locations

International hotline

You can confidentially report concerns to the KPMG International hotline

Press contacts

Do you need to speak with our Press Office? Here's how to get in touch.

Headline