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Automatic Exchange of Information Alert

Automatic Exchange of Information Alert

The States of Guernsey has recently released Bulletin 2017/6 confirming expectations in relation to Self-Certifications of New Account Holders under the Common Reporting Standard.

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Guernsey release Bulletin 2017/6: Self-Certification of Accounts

The States of Guernsey has recently released Bulletin 2017/6 confirming expectations in relation to Self-Certifications of New Account Holders under the Common Reporting Standard.

As expected, Guernsey Financial Institutions are required to maintain account opening procedures that facilitate the collection of a Self-Certification at the time of the account opening. It is acknowledged there may be a few rare circumstances this is not possible, in which, one should be obtained within 90 days.

In all cases, however, RFIs should ensure they have obtained and validated a self-certification in time for reporting. Failure to do so may result in being found guilty of an offence in accordance with Regulation 4(5) of the Income Tax (Approved International Agreements) (Implementation) (Common Reporting Standard) Regulations, 2015. In addition to this, the account will need to be treated as undocumented.

The Bulletin also highlights a potential requirement for the Guernsey RFI to make a Suspicious Activity Report where a false self-certification has been provided.

As the States of Guernsey has an obligation to review the CRS procedures implemented by a number of Guernsey RFIs, please let us know if you would like to hear about our Healthcheck service we have on offer.

If you would like regular global updates on AEOI issues, please visit the UK website.

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