Digimap has been selected to develop the Exchange of Information reporting system for the Financial Institutions of Guernsey and the onward submission to the XML files to the various jurisdictions around the World.
The system provides a comprehensive solution for the US Foreign Account Tax Compliance Act FATCA reporting to the Internal Revenue Service IRS as well as the Common Reporting and Due Diligence Standard CRS reporting requirements.
The system is in live operation for organisations to register the Financial Institutions and is also live for the testing of the XML submissions. Digimap is completing the International Data Exchange Services IDES transmission service and are currently working on the CRS submissions.
The system could potentially be made available to other jurisdictions who have CRS and FATCA reporting requirements and Digimap would welcome any enquiries.