U.S. Financial Agencies Issue Joint Statement on Customer Risk
On July 6, 2022, five U.S. agencies responsible for various aspects of the U.S. financial industry issued a "Joint Statement on the...
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FATCA POC NOT RO Contacted by IRS
We have come to expect that the U.S. Internal Revenue Service (IRS) will send the FATCA Responsible Officer (RO) an email to alert the RO...
BVI FATCA/CRS Registration Fee Update
On February 11, 2022, the British Virgin Islands International Tax Authority (BVI ITA) announced it will be establishing a registration...
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...
FinCEN Acting Director Provides CTA Update
On April 28, 2022, the Acting Director of the Financial Crimes Enforcement Network (FinCEN) provided the U.S. House of Representatives...
FATCA: Reversing Agreement Terminated Status
Certain entities may register in the IRS FATCA portal and, upon registration approval, receive a Global Intermediary Identification...
FATCA: When Is An Account Dormant?
In many jurisdictions such as the U.S., there are laws dictating when a financial institution must consider a customer’s financial...
IRS Unable to Enforce FATCA
Very surprising admission by the IRS Commissioner. Written Testimony of Charles P. Rettig, Commissioner Internal Revenue Service before...
IRS Adds New FAQ on FATCA Certifications
On March 23, 2022, the U.S. Internal Revenue Service (IRS) posted a new question and answer on its FATCA – FAQs General site: Q22. How do...
Bahamas Announces FATCA/CRS Portal Dates
The Bahamas Competent Authority announced the FATCA and Common Reporting Standard (CRS) portal will open for FATCA and CRS registration...
Singapore Updated FATCA TIN Reporting FAQ
On February 23, 2022, the Inland Revenue Authority of Singapore (IRAS) updated its IRAS FAQs on the Foreign Account Tax Compliance Act...
BVI Announces FATCA/CRS Registration Fees
On February 11, 2022, the British Virgin Islands International Tax Authority (BVI ITA) announced it will be establishing a registration...
Cayman Islands Updates Portal & CRS Jurisdictions
CRS Reportable Jurisdictions On January 31, 2022, the Cayman Islands published an updated list of Common Reporting Standard (CRS)...
Are You Preparing for the New U.S. Beneficial Owner Registry?
The U.S. Corporate Transparency Act (“CTA”) was enacted on January 1, 2021. On December 8, 2021, the Financial Crimes Enforcement Network...
Isle of Man Updates FATCA & CRS Guidance
The Isle of Man Income Tax Division published updated versions of FATCA and Common Reporting Standard (CRS) guidance notes. The updated...
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...
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