OECD CRS Status

OECD CRS Status: Reporting Financial Institution

Alhambra Bank and Trust, located in the Cayman Islands, is classified as a Reporting Financial Institution under the OECD Common Reporting Standard (CRS).

Classification Details

1. Entity Type: Depository Institution and Custodial Institution

• Alhambra Bank and Trust qualifies as both a Depository Institution and a Custodial Institution under CRS definitions.

2. Jurisdiction of Tax Residence: Cayman Islands

• The entity is incorporated and operates in the Cayman Islands, making it a tax resident of this jurisdiction.

3. Reporting Obligations:

• Required to report annually to the Cayman Islands Tax Information Authority (TIA).

• Must submit reports by May 31st each year for the previous calendar year.

4. Due Diligence Requirements:

• Obligated to perform due diligence on all account holders and controlling persons.

• Must identify reportable accounts based on CRS criteria.

• Required to obtain self-certifications for all new accounts opened on or after January 1, 2016.

5. Reportable Information:

• Account holder’s name, address, jurisdiction(s) of tax residence, TIN(s), and date of birth (for individuals).

• Account number and balance or value as of the end of the reporting period.

• Total gross amount of interest, dividends, and other income paid or credited to the account.

6. Compliance with Local Regulations:

• Adheres to the Cayman Islands CRS Regulations and Guidance Notes.

• Follows the Tax Information Authority (International Tax Compliance) (Common Reporting Standard) Regulations.

7. AEOI Portal Registration:

• Registered on the Cayman AEOI Portal for CRS reporting purposes.

8. Policies and Procedures:

• Maintains comprehensive written policies and procedures for CRS compliance.

• Regularly updates these policies to align with any changes in CRS regulations or guidance.

9. Staff Training:

• Conducts regular training for relevant staff on CRS requirements and procedures

10. Record Keeping:

• Maintains all CRS-related records for a minimum of 6 years from the end of the year to which the records relate.

11. Third-Party Service Providers:

• If utilizing any third-party service providers for CRS compliance, maintains oversight and responsibility for CRS obligations.

12. Audit and Review:

• Subjects CRS compliance processes to regular internal audits and reviews.

• Prepared for potential external audits by the Cayman Islands TIA or other relevant authorities.