Explanatory Note – CRS Reporting Obligations Date of Birth

Summary

This is DITC guidance clarifying when Reporting Financial Institutions must report an individual's date of birth (DOB) under the Common Reporting Standard (CRS) for the Cayman Islands. It explains that although the CRS XML Schema labels the DOB field as '(Optional) Mandatory', this does not give Reporting Financial Institutions discretion to omit it — the DOB must be reported for virtually all Reportable Persons (both Account Holders and Controlling Persons), with only very limited exceptions.

• New Accounts (opened on or after 1 January 2016): The DOB must always be collected as part of a valid self-certification; a self-certification without a DOB is not valid, and no exceptions apply. The Reporting Financial Institution must also confirm the reasonableness of the DOB provided against other information gathered when opening the account.
• Pre-existing Accounts (maintained as of 31 December 2015): The DOB must be reported if it is already in the institution's records or is otherwise required to be collected under Cayman Islands law (e.g. under AML customer due diligence rules). If the DOB is not on file and not otherwise legally required, the institution must make reasonable efforts — genuine attempts at least once a year — to obtain it, by the end of the second calendar year following the year the account was identified as a Reportable Account.

The note warns that failing to report a required DOB is an offence under the CRS Regulations that can lead to an administrative penalty, and that DITC/the Tax Information Authority will make further inquiries where a Pre-existing Account's CRS XML Return omits the DOB. A flowchart is included to help institutions determine reporting obligations for Pre-existing Accounts.

Key obligations

• Reporting Financial Institutions must obtain and report the DOB for all New Accounts opened on or after 1 January 2016 as part of a valid self-certification; a self-certification lacking a DOB is invalid.
• Reporting Financial Institutions must confirm the reasonableness of the DOB provided in a self-certification against information obtained when opening the account.
• For Pre-existing Accounts, Reporting Financial Institutions must report the DOB if it is already in their records or otherwise required to be collected under Cayman Islands law (e.g. AML customer due diligence).
• Where the DOB for a Pre-existing Account is not on record and not otherwise legally required, the institution must make reasonable efforts (genuine attempts at least once per year) to obtain it by the end of the second calendar year following the year the account was identified as a Reportable Account.
• Reporting Financial Institutions should expect further inquiries from the Tax Information Authority if a DOB is missing from a CRS XML Return filed for a Pre-existing Account.

Applies to

Reporting Financial Institutions

Deadlines

• by the end of the second calendar year following the year in which such accounts were identified as Reportable Accounts: Deadline for Reporting Financial Institutions to use reasonable efforts to obtain a missing DOB for Pre-existing Accounts where not already in records or otherwise required to be collected.