Channel Islands: Updated FATCA and CRS practical guidance; common errors in reporting (Jersey)
Updated versions of FATCA and CRS practical guidance and guidance regarding common errors identified in the 2022 reporting
Updated FATCA and CRS practical guidance; common errors in reporting
The government of Jersey issued updated versions (v8.0) of FATCA and common reporting standard (CRS) practical guidance to assist financial institutions submitting these reports to Jersey. The updated guides replace the previously issued versions and are applicable from 29 January 2024 onwards.
Read a February 2024 report [PDF 584 KB] prepared by the KPMG member firm in the Channel Islands
In addition, the government issued guidance regarding common errors identified in the 2022 FATCA and CRS reporting. Below are the common errors:
- FATCA registrations and requesting a global intermediary identification number (GIIN)
- Failure to validate self-certifications
- CRS returns without date of birth or tax identification number (TIN)
- Dummy TINs being used
- Validation error on submission
- Deadline for corrections
- Not marking accounts as closed
- Change of financial institution name not reflected
Read a February 2024 report [PDF 640 KB] prepared by the KPMG member firm in the Channel Islands
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