As mentioned in our previous advisory, the DITC has provided the
industry with the advance release of its new CRS Compliance Form in an industry advisory. This form must be completed
annually by all Reporting Financial Institutions
("RFIs") and Trustee Documented Trusts
for the same period as their CRS returns.
Deadline
The deadline for the submission of the CRS Compliance Form to
the DITC is expected to be 15 September each year. However, for the
2019 reporting period the deadline will be 31 December 2020, to
give sufficient time to collect the information required once the
DITC Portal opens, which is expected to be during the fourth
quarter of 2020. The DITC will apply automatic penalties where this
deadline is not met.
