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Common Reporting Standard (CRS)

We wish to inform you of new international reporting standards, which will impact all Boslil Bank Limited (Boslil) account holders.
 
 
In keeping with evolving global standards for transparency, following other countries, the government of Saint Lucia signed the Organization of Economic Co-operation and Development (OECD) sponsored Multilateral Competent Authority Agreement (MCAA) and incorporated into local law¹ (the “Law”) the Common Reporting Standard (CRS) on automatic exchange of information. The CRS provides for the systematic and periodic exchange of financial account information with reporting partners. Saint Lucia is scheduled to commence the exchange of information in September 2018 in respect of 2017 calendar year.
 
 
Accordingly, to comply with our obligations under the Law, as of March 2018, Boslil is requesting pertinent information from all account holders of Saint Lucia including a self-certification of their tax residence/status. Under CRS Regulations, Boslil must report information on holders of “reportable accounts” which are tax resident in Reportable Jurisdictions² to the Saint Lucia Inland Revenue Department (IRD) and that information will be sent to the home jurisdiction of the account holders. 
 
For the sake of convenience and ease of administration, the Bank has issued customized Self-Certification Forms for Entities (CRS-E), Individuals (CRS-I) and Controlling Persons (CRS-CP) for completion as part of the account opening process. 
 
 
Consequently, all existing account holders are required to complete the relevant CRS forms in its entirety, sign, scan and return by email to crscompliance@boslil.com by April 30, 2018 with the original to follow via courier/post. The forms can be found on our website www.boslil.com under heading CRS FORMS. Please feel free to contact your Client Relations Team should you require further clarification. 
 
For general information on the CRS pertinent to Saint Lucia, please consult the IRD website at http://irdstlucia.gov.lc/index.php/fatca-section/automatic-exchange-of-information.
 
 
¹ Automatic Exchange of Financial Account Information Act, 2016.
 
 
² Reportable Jurisdiction” means any jurisdiction with which Saint Lucia has entered into a bilateral agreement for the automatic exchange of information under the MCAA. For a list of reportable jurisdictions see: http://irdstlucia.gov.lc/images/Documents/Notice of Exchange Partners_January_2018.pdf