A number of key deadlines are coming up that should not be missed, specifically relating to the Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standards (CRS).

For any fund launched after April 30, 2022, the deadline to file a FATCA/CRS registration notification with the Department of International Tax Cooperation (DITC) is before April 30, 2023. Registration is only required once and can be done via a secure portal, here.

Secondly, the deadline for filing the Fund Annual Return (FAR) and 2022 audited financial statements for all funds with a December 31 year end must be done by June 30. The filing must be made by auditors and the FAR filing fee must also be paid.

The deadline to file an annual report for the 2022 reporting period for FATCA/CRS is July 31. Finally, (for now), the deadline to file the CRS compliance form for 2022 reporting periods is September 15.

Additionally, another reminder that, under the Cayman Islands AML regime, there is an ongoing requirement for all relevant parties (including directors) related to a Financial Service Provider (FSP) such as the Fund, to be trained on the requirements of the regime in terms of Anti-Money Laundering (AML), Counter Financing of Terrorism (CFT),Counter Proliferation Financing (PF) and sanctions .

Failing to keep this up to date, can result in sanctions and fines. Please reach out to a member of our experienced team for further information.