Search
  • Elizabeth A. McMorrow

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 first reporting date has been extended from January 31, 2022 to March 31, 2022 for both new and pre-existing accounts.


Self-Reporting Failed Self-Certs


If a Financial Institution (FI) has not been able to validate a self-certification for a New Account within 90-days of the account being opened, the FI must report the account to the Guernsey Revenue Service “immediately”. This means the FI must report the lack of validated self-certification on day 91 after account opening except if day 91 falls in January of any year. In this situation, the lack of validated self-certification must be reported by January 31 of that year.


The deadline for an FI to self-report the lack of validated self-certification on a Pre-Existing Account are:

  • If the trigger event leading to a missing or failed self-certification occurred prior to January 1, 2022 and the self-certification remains unresolved the FI must submit a report to the Guernsey Revenue Service on or before March 31, 2022; and

  • If the trigger event leading to a missing or failed self-certification occurred on or after January 1, 2022 and the self-certification remains unresolved at the later of the end of the calendar year or 90-days from the date of discovery, then the FI must submit a report to the Guernsey Revenue Service:

  • on or before January 31 in the following year, OR

  • on or before the 91st day of discovery, whichever is the later.

The self-reporting must be done through the IGOR portal.


Freezing Order


Guernsey will not automatically issue an order to the FI to freeze a customer account because the FI reports a missing/failed self-certification. However, this enforcement action is available to the Guernsey Revenue Service.


For assistance, please contact me via my contact page or at elizabeth@elizabethmcmorrowlaw.com.


#Guernsey #FATCA #CRS #Compliance

Recent Posts

See All

On April 28, 2022, the Acting Director of the Financial Crimes Enforcement Network (FinCEN) provided the U.S. House of Representatives Committee on Financial Services an update on a variety of issues

Certain entities may register in the IRS FATCA portal and, upon registration approval, receive a Global Intermediary Identification Number (GIIN). For some entities, the FATCA portal registration pro

In many jurisdictions such as the U.S., there are laws dictating when a financial institution must consider a customer’s financial account to be dormant. Each state in the U.S. has laws that govern wh