The States of Guernsey recently published Bulletin 2017/7, "Common Reporting Standard and US IGA ("FATCA") Corrections for Reporting Period 2016." The Bulletin aims to make reporting Financial Institutions aware that formal Notices may be issued by the Director requiring correction reports for FATCA and/or CRS filing depending on the submissions already filed.
In regards to FATCA corrections, the Bulletin establishes that the majority of error notifications relate to instances where the FilerCategory element has either not been used or used incorrectly.
The Bulletin states that, in regards to CRS corrections, many Reportable Jurisdictions have applied high levels of additional record level checking. The Director is in the process of compiling all status messages from all jurisdictions before formally requiring correction reports where record level errors have been identified.
To read Bulletin 2017/7 in its entirety, please follow the link.
