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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