MAPLES GROUP
Automatic Exchange of Information Services The introduction of the Foreign Account Tax Compliance Act ("FATCA") and the OECD Standard for Automatic Exchange of Financial Account Information Common Reporting Standard ("CRS"), collectively referred to as Automatic Exchange of Information ("AEOI"), has had a far-reaching impact on the financial services industry. Financial Institutions ("FIs") are required to enhance onboarding processes to determine the FATCA and CRS status of account holders and expand reporting capabilities for US reportable accounts and CRS participating jurisdictions. The Maples Group is uniquely placed to provide
tax evasion by persons tax resident in those
administrative solutions to clients on all aspects of the
jurisdictions who might hold investments in such
AEOI due diligence and reporting regimes, including
entities.
FATCA and CRS. Our team of AEOI specialist regulatory compliance professionals provides seamless, flexible
Who does FATCA and CRS affect?
and practical solutions to clients on all aspects of FATCA and CRS with respect to British Virgin Islands, Cayman Islands, Irish, Jersey and Luxembourg FIs.
Under FATCA and CRS, hedge funds, private equity funds, CLOs and other structured products that constitute FIs are required to identify and report on
What are FATCA and CRS?
relevant accounts held either by persons tax resident in a participating jurisdiction or by non-financial
FATCA and CRS are international automatic exchange
entities ("NFEs") that have controlling persons tax
of financial account information mechanisms aimed at
resident in a participating jurisdiction. With respect to
addressing perceived tax abuse by a jurisdiction's tax
US FATCA, where entities are not FIs but instead
payers through the use of foreign accounts and
constitute certain types of NFE they may be required
related structures. US FATCA requires non-US FIs to
to identify to US withholding agents their controlling
report detailed information about their US account
persons where those persons are US persons.
holders, and CRS requires FIs in a CRS participating jurisdiction to report detailed information about certain account holders tax resident in CRS reportable jurisdictions. The purpose of such reporting is to deter
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