AEOI Compass Update: Week of October 30, 2017


Changes to global FATCA and CRS compliance requirements happen frequently.  In order to provide customers with the updated and accurate information they need, Sovos documents each of these changes in its Compass portal. Here are some notable recent developments in AEOI reporting.


Singapore Releases Updated CRS FAQ

Singapore has updated its CRS FAQ.  The updated FAQ provides revised guidance on determining whether the holder of a new account is a reportable person.  The FAQ directs Financial Institutions to obtain self-certification for the purposes of reporting when an account is opened if the account is to be treated as a preexisting account or if the FI determines the account holder may be a reasonable person.  According to the FAQ, if it is not possible when the account is opened then the FI may have 90 days to obtain self-certification.  The FAQ makes it clear this extension is permitted when circumstances do not permit contemporaneous self-certifications, such as when an insurance contract has been assigned from one person to another or where an investor acquires an interest in a trust on the secondary market.


To review the revised CRS FAQ from Singapore, please follow the link below.




British Virgin Islands Announces Portal Temporarily Closed

The British Virgin Islands (BVI) have announced that the BVI Financial Account Reporting System (BVIFARS) remains offline at this time, and a Press Release will be issued to inform Financial Institutions (FIs)when the system will be back online. FIs who have not yet submitted their filings will be able to submit their filings once the system is back online although they may be subject to penalties for not complying with the final extended deadline of September 1, 2017.


To view the announcement, please click the link below.




Lithuania Releases CRS XML Schema and Format Specifications

Lithuania recently released Specifications for CRS reporting.  The Specifications establish general reporting principles, provides sample schemas, and details how reports should be structured.  To read the Specifications and access the XML format, please follow this link.  


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About the Author

Gerry  Nelligan

Gerry Nelligan is a Regulatory Analysis Supervisor at Sovos, leading a team of counsels covering information reporting, including 10-Series IRS reporting, Affordable Care Act (ACA) reporting and Automatic Exchange of Information (AEOI). Gerry received his J.D. from Suffolk University Law School and his B.A. from Providence College. He is a licensed attorney in the state of Massachusetts.

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