Cayman Islands: FATCA, CRS actions due by end of 2016 | KPMG | GLOBAL
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Cayman Islands: FATCA, CRS actions due by 31 December 2016

Cayman Islands: FATCA, CRS actions due by end of 2016

Concerning FATCA, as of 1 January 2017, a foreign financial institution that is a “sponsored entity” may no longer use the Global Intermediary Identification Number (GIIN) of its sponsoring entity. This means that sponsored foreign financial institutions must obtain their own GIIN by the end of 2016, if they do not already have one.


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CRS due diligence deadline is 31 December 2016

As a reminder, Cayman Islands financial institutions are reminded that all pre-existing high value accounts (i.e., those with an aggregate balance or value greater than US $1 million as of 31 December 2015) must be reviewed to identify any “reportable accounts” by 31 December 2016.


Read a December 2016 report [PDF 254 KB] prepared by the KPMG member firm in the Cayman Islands

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