EY and Revenue Jersey provide practical advice on AEOI Regimes compliance

EY’s Tax Partners Aine Slater 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 FATCA and 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, EY Tax Partner, 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."

- ends -

About EY

EY exists to build a better working world, helping to create long-term value for clients, people and society and build trust in the capital markets.

Enabled by data and technology, diverse EY teams in over 150 countries provide trust through assurance and help clients grow, transform and operate.

Working across assurance, consulting, law, strategy, tax and transactions, EY teams ask better questions to find new answers for the complex issues facing our world today.

EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. Information about how EY collects and uses personal data and a description of the rights individuals have under data protection legislation are available via ey.com/privacy. EY member firms do not practice law where prohibited by local laws. For more information about our organization, please visit ey.com.

This news release has been issued by EY Channel Islands.