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A FATCA Compliance Program for Fiduciaries (Cayman Edition)
This document sets out a FATCA Compliance Program for fiduciaries and advisors connected to Cayman private wealth management structures and is designed to satisfy the requirement mandating the adoption of “arrangements or procedures” sufficient to identify FATCA reportable accounts. Non-compliance with this requirement is a criminal offence and is punishable by a fine of up to USD 5,000 and/or up to two (2) years in prison. While this document is Cayman-specific, it can also be adapted to meet the requirements for Compliance Manuals for other jurisdictions.
The Cayman Islands mandates that Reporting Cayman Foreign Financial Institutions must “implement arrangements or procedures” to comply with Cayman’s FATCA IGA. These “arrangements” must be sufficient to identify US reportable accounts and accounts held by Nonparticipating FFIs pursuant to the required due diligence processes and retain for six years any information relied upon in the process. Section 16(d) of the 2021 Cayman FATCA legislation authorizes the DITC to inspect upon demand a Reporting Cayman FFI’s compliance arrangements and any underlying documentation necessary to evidence its FATCA compliance. Failure to comply with the obligation to establish and maintain a FATCA compliance program is a criminal offence and is punishable by a fine of up to USD 5,000 and/or up to two (2) years in prison.
This document sets out a FATCA compliance program for fiduciaries and advisors connected to Cayman private wealth management structures and is designed to satisfy the requirements in the Cayman legislation.
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This resource covers:
- Qualification and FATCA classification of Cayman Financial Institutions;
- Identification, due diligence and monitoring of FATCA Account Holders;
- Preparation and submission of FATCA reporting; and
- Payment withholding, deposit and reporting.