Channel Islands: Guidance on common errors in 2024 FATCA and CRS reporting (Jersey)
Highlighting common errors and steps to mitigate them
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