The Cayman Islands has made changes to the Common Reporting Standard (CRS) and Foreign Account Tax Compliance Act (FATCA) reporting regimes.

This led to the jurisdiction's Department for International Tax Cooperation (DITC) issuing a further industry advisory regarding FATCA and CRS.

Offshore law firm Collas Crill summarised the key updates Cayman financial institutions (Cayman FIs) need to be aware of.

Firstly, the jurisdiction’s Automatic Exchange of Information (AEOI) portal is currently offline and a new portal - the DITC portal – launched this month.

The CRS and FATCA Amendment Regulations 2...