Channel Islands: Updated FATCA and CRS practical guides (Jersey)
Concerning the new FATCA XML Schema v.2.0.1 and a reminder to register for a GIIN
The government of Jersey on February 13, 2026, issued updated versions of its FATCA and common reporting standard (CRS) practical guides, which supersede the previous versions and are effective immediately.
The FATCA practical guide has been substantially updated to reflect the requirements introduced under the U.S. tax authority (IRS) new FATCA XML Schema v.2.0.1, which replaces the previous v.2.0 schema. The new version, effective October 6, 2025, serves as the primary schema for FATCA reporting.
The CRS practical guide has been updated to remind reporting financial institutions of their obligation to register for a global intermediary identification number (GIIN) on the IRS “FATCA Foreign Financial Institution (FFI) Registration” website. Adequate time must be allowed for the registration process to ensure that the GIIN is issued well before the reporting deadline.
Read a March 2026 report prepared by the KPMG member firm in the Channel Islands