Expert guidance on global tax transparency compliance

Fulfilling international tax reporting obligations is now a critical part of doing business in Jersey’s financial services industry. The Foreign Account Tax Compliance Act (FATCA) and the Common Reporting Standard (CRS) require certain financial institutions and entities to collect, maintain, and report information on account holders to Revenue Jersey. These regimes form part of a global effort to combat tax evasion and promote transparency.

Our Expertise

At BCR, our team of experts offer specialist support to help you meet these obligations accurately, efficiently, and with confidence. Our team works with Corporate Service Providers (CSPs), trust companies, fund managers, and reporting financial institutions to deliver compliant reporting in line with the latest guidance.

Our Approach

We undertake a full review of your entity structure and account holder data. We apply classification criteria, determine your reporting obligations, and guide you through the process from start to finish. For existing reporters, we ensure your filings are accurate, complete, and aligned with evolving regulatory expectations.

We also advise on policies, control frameworks, and governance oversight of FATCA/CRS processes, supporting your regulatory position beyond just the annual return. We support the following clients:

Corporate Service Providers (CSPs).
Trust and company administrators.
Investment vehicles and asset-holding companies.
Private wealth and family office structures.
Directors and trustees of Jersey structures.

We support client with the following :

Entity classification analysis and registration.
FATCA/CRS due diligence support and account holder review.
Completion and submission of annual FATCA and CRS reports.
Remediation of past errors or late filings.
Ongoing compliance reviews and governance advisory.
Internal training and control design (where required).
Liaison with Revenue Jersey and support with audits.

What are FATCA and CRS

FATCA is a United States law that requires foreign financial institutions to identify and report accounts held by US persons or entities with US ownership.
CRS is a global initiative developed by the OECD requiring participating jurisdictions, including Jersey, to exchange financial account information on non-resident individuals and entities.

These reporting regimes apply to a wide range of Jersey entities, including certain trusts, foundations, companies, and partnerships. Entities that meet the definition of a Reporting Financial Institution must register and report annually via Revenue Jersey’s AEOI portal.

Penalties and enforcement

Failure to comply with FATCA or CRS reporting obligations can result in:

Financial penalties under Jersey law.
Reputational damage for service providers and clients.
Regulatory enforcement by the JFSC.
Heightened scrutiny in client due diligence and onboarding.
Exposure to exchange of incorrect or incomplete information.

Our Values in Action

Excellence: Technical accuracy and strategic foresight in a sensitive compliance area.
Delivery: Timely, complete, and correctly formatted reporting.
Respect: Discretion and professionalism in dealing with client data.
Elegance: Clear, navigable solutions in a complex reporting environment.‍

Why BCR Pro

We provide expert guidance on FATCA and CRS compliance, helping them navigate complex international reporting rules with accuracy and confidence. From entity classification to annual reporting and audit support, we provide end-to-end solutions that protect against penalties, reputational risk, and regulatory scrutiny in Jersey’s evolving transparency landscape.