TURKS AND CAICOS ISLANDS: Understanding KYC Regulations for Banks

Overview

The Turks and Caicos Islands, a British Overseas Territory in the Caribbean, has submitted its Know-Your-Customer (KYC) rules to the US Internal Revenue Service (IRS), which have been approved. This means that entities and branches located in the country may now submit their Qualified Intermediary (QI) applications.

Approved KYC Rules

The IRS requires QI applicants to verify that the KYC rules submitted by the Turks and Caicos Islands cover all applicable rules, including those specific to banks and brokers. The approved KYC attachment for the Turks and Caicos Islands can be found on the IRS website, along with attachments for other jurisdictions.

Application Process

For entities wishing to apply for QI approval in the Turks and Caicos Islands, forms and instructions are required, which can also be found on the IRS website. To facilitate the application process, the IRS has established a KYC Coordinator, Ernest Leonardini, who can be contacted at 212-436-1907 or ernest.j.leonardini@irs.gov.

Recognized Jurisdictions

As of the most recent update (Turks and Caicos Islands PDF, Rev. [date]), the Turks and Caicos Islands’ approved KYC rules have been recognized by the IRS, allowing entities to proceed with their QI applications in confidence.

List of Jurisdictions with Approved Know-Your-Customer Rules

• Americas
  • Andorra
  • Argentina
  • Aruba
  • Bahamas
  • Barbados
  • Bermuda
  • British Virgin Islands
  • Canada (Rev. November 2020)
  • Cayman Islands
  • Chile
  • Colombia
  • Cook Islands
  • Curacao and St. Maarten
• Europe
  • Austria (Rev. March 2018)
  • Belgium
  • Cyprus (Rev. October 2010)
  • Czech Republic
  • Denmark (Rev. December 2019)
  • Estonia
  • Finland
  • France (Rev. January 2004)
  • Germany (Rev. June 2021)
  • Gibraltar
  • Greece (Rev. August 2010)
  • Guernsey
  • Hungary
  • Iceland
  • Ireland (Rev. November 2002)
  • Isle of Man
  • Israel
  • Italy
  • Jersey
• Asia
  • Hong Kong
  • Japan
  • Kazakhstan
  • Korea
  • Singapore
  • Taiwan
• Middle East and Africa
  • Bahrain
  • Brunei Darussalam
  • Liechtenstein
  • Luxembourg
  • Malta
  • Monaco
  • Netherlands
  • Norway (Rev. July 2018)
  • Poland (Rev. July 2023)
  • Portugal (Rev. April 2007)
  • Romania
  • Russia
  • Saint Vincent and The Grenadines
  • San Marino
  • Seychelles
  • Slovakia (Slovak Republic)
  • Slovenia
  • South Africa
  • Spain
  • Sweden (Rev. December 2002)
• Oceania
  • Australia
  • New Zealand

Note: This list is subject to change as new jurisdictions are added or existing ones updated.