Saint Kitts and Nevis Banking Regulations Compliance Checklist: Tax Authority Issues Update on AEOI Form Submission

The tax authority of Saint Kitts and Nevis has issued an industry advisory, informing reporting financial institutions of updated automatic exchange of information (AEOI) compliance form requirements under the FATCA and common reporting standard (CRS) regimes.

Deadline for Submission

All reporting financial institutions with FATCA and CRS obligations must complete and submit the updated AEOI compliance form by March 15, 2024, for both 2022 and 2023 reporting periods. Separate forms are required for each reporting period to be submitted electronically or via email.

Submission Procedures

• Details on submission procedures can be found on the tax authority’s website.
• Reporting financial institutions may also contact the AEOI team with any queries regarding the compliance process.

Updated Guidelines Released

The tax authority released an updated version of the AEOI compliance form guidelines on January 15, 2024, which provide instructions for completing the revised form. While the new guidelines do not introduce any significant changes from the previous version, reporting financial institutions are encouraged to review them carefully to ensure compliance.

Key Takeaways

• Review the updated guidelines carefully to ensure compliance.
• Ensure separate forms are completed and submitted for each reporting period (2022 and 2023).

Additional Resources

For further information and guidance on banking regulations compliance in Saint Kitts and Nevis, industry stakeholders may want to refer to a recent report published by a KPMG member firm in the Caribbean region.