Frequently asked question
What are FATCA and CRS obligations?
Compliance & AML
FATCA and the Common Reporting Standard (CRS) are automatic exchange-of-information regimes. Cayman financial institutions — including most funds — must classify their status, conduct due diligence to identify reportable account holders (US persons under FATCA; all reportable jurisdictions under CRS), register where required, and file annual reports with the Cayman Tax Information Authority. The two regimes are managed together as part of a fund's ongoing compliance, and non-compliance can attract penalties. Bell Rock can assist with classification, registration and reporting support.
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Related definition: Common Reporting Standard.