CRS self-certification requirements in Guernsey | KPMG | GLOBAL

Channel Islands: CRS self-certification requirements in Guernsey

CRS self-certification requirements in Guernsey

Guidance has been provided concerning the requirements for self-certification by new account holders under the common reporting standard (CRS).

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Among the requirements:

  • Financial institutions must maintain account opening procedures that facilitate the collection of a self-certification at the time when the account is opened or, if that is not possible, within 90 days.
  • Financial institutions must determine that they have obtained and have validated a self-certification in time for reporting. Otherwise, the account will be treated as undocumented.
  • Guernsey financial institutions may be able to make a “suspicious activity report” when a false self-certification has been provided.

 

Read a September 2017 report [PDF 100 KB] prepared by the KPMG member firm in the Channel Islands

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