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Channel Islands: Guidance on common errors in 2024 FATCA and CRS reporting (Jersey)

Highlighting common errors and steps to mitigate them

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March 10, 2026

The government of Jersey on February 18, 2026, issued guidance highlighting common errors identified in 2024 FATCA and common reporting standard (CRS) reporting, including:

  • Timely notification by passive non-financial entities (NFEs) or non-financial foreign entity (NFFEs) of changes to controlling persons and distributions made
  • Reporting levels in the case of a trustee‑documented trust (TDT)
  • Inclusion of passive NFE domestic trusts and their controlling persons
  • Nil reporting vs zero account balance
  • Expectations in cases of closed accounts or liquidations of reporting financial institutions
  • Amending reports at record level
  • Calculation of unrealised gains for the purpose of the income test for classification purposes

Read a March 2026 report prepared by the KPMG member firm in the Channel Islands

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