Barbados: Guidance on FATCA and CRS procedural manual requirements
Compliance reviews identified a lack of documented procedural manuals
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