Over 120 business professionals attended EY’s breakfast seminar on the Foreign Account Tax Compliance Act, the Common Recording Standard and the enforcement landscape of Automatic Exchange of Information Regimes.
EY’s Tax Partners Aine Slater (pictured) and Amanda Murphy were joined by Jonathan Russell, Competent Authority and Deputy Director – International, from Revenue Jersey. The seminar provided practical advice and an update on FATCA and CRS developments, as well as Revenue Jersey’s expectations from the financial services industry on compliance in Jersey.
During the seminar, attendees learned about increased enforcement activities from Revenue Jersey and their expectations in relation to compliance with Foreign Account Tax Compliance Act (FATCA) and the Common Recording Standard (CRS). They also gained insights into how the Organisation for Economic Cooperation and Development (OECD) peer reviews will affect future controls over the data quality and integrity of FATCA and CRS reports expected by government. Furthermore, they received updates on the expected future amendments to CRS through the OECD’s ‘Crypto-Asset Reporting Framework (CARF).’
Aine Slater commented: “The results of the polls we ran during the seminar illustrated that many businesses are taking their compliance obligations seriously, but there is still room for improvement. The practical advice provided will help the Jersey businesses to find and address compliance gaps and ensure sustainability in their AEOI compliance programmes. As many businesses still have tactical solutions and manual processes in place, this is negatively impacting data quality and integrity, which will cause greater problems for them further along the line.”
Jonathan Russell, Competent Authority and Deputy Director – International, from Revenue Jersey, said: “CRS and FATCA play a critical role in ensuring transparency in cross-border financial activities. Industry in Jersey needs to be aware of the current and evolving regulatory landscape and take steps to stay compliant with CRS and FATCA requirements. I cannot stress enough the importance of having accurate data in the upcoming reports due 30 June and retaining policies, procedures and documents evidencing the adoption and application of the requirements.”
EY is offering follow-up sessions to help businesses enhance their AEOI compliance programmes. The workshop sessions cover common compliance gaps, process health checks, how to prepare for a desk-based audit, as well as deep dives into data analytics and data cleansing as well as bespoke solutions to create a sustainable compliance framework.
