OECD CRS Status: Reporting Financial Institution
Alhambra Bank and Trust, located in the Cayman Islands, is classified as a Reporting Financial Institution under the OECD Common Reporting Standard (CRS).
Classification Details
1. Entity Type: Depository Institution and Custodial Institution
• Alhambra Bank and Trust qualifies as both a Depository Institution and a Custodial Institution under CRS definitions.
2. Jurisdiction of Tax Residence: Cayman Islands
• The entity is incorporated and operates in the Cayman Islands, making it a tax resident of this jurisdiction.
3. Reporting Obligations
• Required to report annually to the Cayman Islands Tax Information Authority (TIA).
• Must submit reports by May 31st each year for the previous calendar year.
4. Due Diligence Requirements
• Obligated to perform due diligence on all account holders and controlling persons.
• Must identify reportable accounts based on CRS criteria.
• Required to obtain self-certifications for all new accounts opened on or after January 1, 2016.
5. Reportable Information
• Account holder’s name, address, jurisdiction(s) of tax residence, TIN(s), and date of birth (for individuals).
• Account number and balance or value as of the end of the reporting period.
• Total gross amount of interest, dividends, and other income paid or credited to the account.
6. Compliance with Local Regulations
• Adheres to the Cayman Islands CRS Regulations and Guidance Notes.
• Follows the Tax Information Authority (International Tax Compliance) (Common Reporting Standard) Regulations.
7. AEOI Portal Registration
• Registered on the Cayman AEOI Portal for CRS reporting purposes.
8. Policies and Procedures
• Maintains comprehensive written policies and procedures for CRS compliance.
• Regularly updates these policies to align with any changes in CRS regulations or guidance.
9. Staff Training
• Conducts regular training for relevant staff on CRS requirements and procedures
10. Record Keeping
• Maintains all CRS-related records for a minimum of 6 years from the end of the year to which the records relate.
11. Third-Party Service Providers
• If utilizing any third-party service providers for CRS compliance, maintains oversight and responsibility for CRS obligations.
12. Audit and Review
• Subjects CRS compliance processes to regular internal audits and reviews.
• Prepared for potential external audits by the Cayman Islands TIA or other relevant authorities.