Cayman Islands Issues 3rd Version of CRS Enforcement Guidelines
In July 2022, the Cayman Islands Tax Information Authority (TIA) issued Version 1.2 of its CRS Enforcement Guidelines which replaces the...
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Elizabeth A. McMorrow
Jul 29, 2022
BVI Makes CRS P&Ps A Legal Requirement
The British Virgin Islands (BVI) International Tax Authority (ITA) recently announced legislative amendments which require a Financial...
Elizabeth A. McMorrow
May 26, 2022
FinCEN Holding Crypto to a High KYC Standard
On May 19, 2022, Alessio Evangelista, Associate Director of FinCEN’s Enforcement and Compliance Division spoke at the Chainalysis Links...
Elizabeth A. McMorrow
Jan 27, 2022
Guernsey Self-Cert Reporting Extension
On January 27, 2022, Guernsey Revenue Service announced an extension for reporting the failure to obtain a valid self-certification. The...
Elizabeth A. McMorrow
Dec 24, 2021
New Guernsey Bulletin Mandatory Registration for Non-Reporting FIs
On December 24, 2021, Guernsey Revenue Service issued a bulletin discussing mandatory FATCA and Common Reporting Standard (CRS)...
Elizabeth A. McMorrow
Dec 22, 2021
Guernsey Expounds on FATCA/CRS Enforcement Measures
On December 17, 2021, Guernsey Revenue Service issued a bulletin discussing compliance measures it may take against a Financial...
Elizabeth A. McMorrow
Dec 21, 2021
Singapore Increased FATCA/CRS Penalties
Singapore recently increased the penalties for both FATCA and Common Reporting Standard (CRS) non-registration and non-filing offenses....
Elizabeth A. McMorrow
Jun 23, 2021
Guernsey Issues FATCA/CRS Compliance Tips
Given that FATCA and CRS have been in place for several years, Financial Institutions (FIs) should be prepared for examinations and...
Elizabeth McMorrow
Jul 22, 2020
Perfect Internal Processes But Still at High Risk
FATCA 2014. CRS 2016. Your organization has studied the rules for these regimes and employees know exactly what needs to be done. You’re...
Elizabeth McMorrow
May 6, 2020
No Policies & Procedures Could Cost You US$100K
Many tax authorities around the world have slowed down due to the pandemic but the British Virgin Islands International Tax Authority...
Elizabeth A. McMorrow
Nov 22, 2019
Is BVI Ramping up for FATCA & CRS Examinations?
This week the British Virgin Islands (BVI) International Tax Authority (ITA) demonstrated its commitment to FATCA and CRS examinations by...
Elizabeth A. McMorrow
Nov 20, 2019
FATCA & Privacy Year End Is Upon Us
Given that the departments usually handling FATCA, CRS and GDPR are swamped with a variety of other year-end tasks, this post may not be...
Elizabeth A. McMorrow
Oct 24, 2019
Foreign Trusts: South Dakota Regulators’ Tips
The South Dakota Trust Association hosted its third annual Fall Forum on October 17 & October 18, 2019. We were fortunate to have Scott...
Elizabeth A. McMorrow
Jul 30, 2019
GDPR: US Trust Companies’ Jaunts to EU
Your exhibition booth has arrived safely to the trust and estate conference in Europe. You have a stack of business cards packed in your...
Elizabeth A. McMorrow
Jul 17, 2019
CRS: Questionable Residence Alarm Bells
You received a self-certification from a new client that looks reasonable on its face but is it? Have you considered whether the client...
Elizabeth A. McMorrow
May 23, 2019
GDPR: 1 Year of Non-Compliance
Feeling good about your FATCA compliance? How about GDPR compliance? The European Union (EU) General Data Protection Regulation (GDPR)...
Elizabeth A. McMorrow
Aug 17, 2017
FATCA & CRS: Perfect Reporting Process But Still Non-Compliant
Reporting is almost over and you can take a breath. You followed FATCA, IGA, CDOT and CRS requirements in your reporting and due...
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