The Bahamas Competent Authority (CA) issued a Notice of Enforcement of Penalties for Late Filing of Information Returns on January 7, 2026. The CA noted that there has been a continuing problem with late filings. Although the CA may have been flexible in previous years, it intends to impose penalties going forward. Late Filing Penalty Notice “Where a Financial Institutions receives a notice indicating that a filing is late and that a penalty is payable, the entity is required

On December 31, 2025, the Guernsey Revenue Service published a bulletin announcing changes to its Common Reporting Standard (CRS) regulations to include CRS 2.0. These changes have effect from January 1, 2026. The Bulletin indicates Guernsey may impose a penalty of up to £10,000 on an individual or Entity which does not provide a valid self-certification with respect to their role as an Account Holder or Controlling Person. Bulletin 2025/2 outlines certain changes in reportin

The Cayman Islands published updated regulations related to the Common Reporting Standard (CRS). Certain changes are effective as of January 1, 2026 while others will come into effect in subsequent years. Primary Point of Contact (PPoC) Currently, as part of the online Cayman Islands Notification process, it is necessary to appoint an Authorizing Person and Principal Point of Contact (PPoC) for each Financial Institution (FI). The PPoC can be an individual who is resident out

On December 4, 2025, the United Kingdom HMRC published an update to the International Exchange of Information Manual “Reportable Information: Joint Accounts”. Commencing with reporting on Y2026 data to be submitted in 2027, Financial Institutions (FIs) must identify if Reportable Accounts are joint accounts. If yes, then the number of joint account holders must be reported. Additionally, if a new joint account holder is added to a pre-existing account, the FI is required to u

The IRS issued the new monthly FFI List on November 1 for entities in approved status as of October 25. Some of you may have noticed the list was not in fact inclusive of entities through October 25. In fact, I am aware of an entity in approved status as of September 25 which was not included. The good news is that the IRS has now issued a second updated FFI List which claims to be inclusive as of October 27. For assistance, please contact me via my contact page   or at...

On November 6 & 7, 2025, the United Kingdom HMRC announced updates to the International Exchange of Information Manual due to: CRS 2.0, updates to registration and reporting, updates to FATF, changes in AEOI schema. The following sections were updated: Investment Entity: Trusts Timetable: CRS Reporting Financial Institution: Electronic Money Institutions Custodial Institution: Introduction Investment Entity: Charities Investment Entity: Examples Investment Entity: Introductio

On October 31, 2025, the Singapore Inland Revenue Authority (IRAS) announced it has published updates to the Fourth edition of the Common Reporting Standard (CRS) e-Tax Guide, IRAS FAQs on CRS, and Second edition of the Common Reporting Standard (CRS) Compliance e-Tax Guide. The content of the IRAS announcements are below. " Fourth edition of the Common Reporting Standard (CRS) e-Tax Guide  (PDF, 997KB) published with the following changes. Amended paragraphs 5.2.1 to 5.2.4 t

On October 23, 2025, the BVI International Tax Authority (ITA) issued a notice related to Common Reporting Standard (CRS) and the Crypto Asset Reporting Framework (CARF). BVI CRS 2.0 is effective starting January 1, 2026 with reporting on CRS 2.0 due May 2027. Additionally, BVI CARF exchange commitment commences in 2028. Below is the content of the BVI ITA notice. "The Virgin Islands intends to introduce CRS 2.0 with effect from 1st January, 2026. These means that by the end

The Bahamas Competent Authority announced the FATCA and Common Reporting Standard (CRS) portal will open for FATCA and CRS registration...

The IRS announced the Public Key for FATCA filing will expire on October 17, 2025. For those financial institutions (FIs) who submit...

On September 26, 2025, the United Kingdom’s HMRC updated its International Exchange of Information Manual to include a new section on...

On August 5, 2025, the United Kingdom tax authority HMRC published an update to the International Exchange of Information Manual related...

An incredibly frustrating aspect of business is providing a quality product or service to the customer and then not getting paid. You and...

On July 14, 2025, the Bahamas Competent Authority posted that effective immediately, Reporting Financial Institutions are required to...