Cayman Islands Releases CRS Guidance and Extends FATCA Deadline

Stephen Kessinger

April 19, 2017

This blog was last updated on December 22, 2021

Recently, the Cayman Islands published its version 2.0 for CRS Guidance. The Guidance is a very important document for CRS reporting as it contains important information for due diligence and reporting requirements. In particular, Cayman will require Reporting FIs to send separate reports for each of its jurisdictions where it maintains reportable accounts. Moreover, it is not possible to send xml nil reports. Instead, FIs must select a check box in the AEOI portal.

In addition to the Guidance, Cayman also released an Industry Notice that contains important updates to FATCA, CDOT, and CRS reporting this year. FIs should take note that the FATCA deadline has been extended from May 31 to July 31. This brings it line with the CRS deadline. Also, Cayman expects to release a new Portal User Guide sometime this month or early May. As a reminder, FIs must register for FATCA and CRS reporting by June 30.

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Author

Stephen Kessinger

Stephen Kessinger is a Regulatory Counsel for Sovos Compliance. Within Sovos’ Regulatory Analysis function, Stephen focuses on AEOI reporting, including FATCA, CDOT and CRS. Before joining Sovos, Stephen earned his B.A. from the University of Vermont, and his J.D. from Roger Williams School of Law. He currently is a member of the Massachusetts and Rhode Island Bar Associations.

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