Based on these findings it was concluded that Jersey is fully meeting expectations in relation to sorting, preparing and validating the information. Jersey is encouraged to continue its implementation process accordingly.
Recommendations:
No recommendations made.
SR 2.5 Jurisdictions should agree and use, with each exchange partner, transmission methods that meet appropriate minimum standards to ensure the confidentiality and integrity of the data throughout the transmission, including its encryption to a minimum secure standard.
Findings:
In order to put in place an agreed transmission method that meets appropriate minimum standards in confidentiality, integrity of the data and encryption for use with each of its exchange partners, Jersey linked to the CTS.
Based on these findings it was concluded that Jersey is fully meeting expectations in relation to agreeing and using appropriate transmission methods with each of its partners. Jersey is encouraged to continue to ensure the ongoing effectiveness of its implementation.
Recommendations:
No recommendations made.
SR 2.6 Jurisdictions should carry out all exchanges annually within nine months of the end of the calendar year to which the information relates.
Findings:
Feedback from Jersey’s exchange partners did not raise any concerns with respect to timeliness of the exchanges by Jersey and therefore with respect to Jersey’s implementation of this requirement.
Based on these findings it was concluded that Jersey is fully meeting expectations in relation to exchanging information in a timely manner. Jersey is encouraged to continue to ensure the ongoing effectiveness of its implementation.
Recommendations:
No recommendations made.
SR 2.7 Jurisdictions should send the information in accordance with the agreed transmission methods and encryption standards.
Findings:
Feedback from Jersey’s exchange partners did not raise any concerns with respect to Jersey’s use of the agreed transmission methods and therefore with Jersey’s implementation of this requirement.
Based on these findings it was concluded that Jersey is fully meeting expectations in relation to sending the information in accordance with the agreed transmission methods and encryption standards. Jersey is encouraged to continue to ensure the ongoing effectiveness of its implementation.
Recommendations:
No recommendations made.
SR 2.8 Jurisdictions should have the systems in place to receive information and, once it has been received, should send a status message to the sending jurisdictions in accordance with the CRS Status Message XML Schema and the related User Guide.
Findings:
One exchange partner highlighted delays in the sending of status messages by Jersey. It was noted that Jersey appears to be successfully addressing the issue to ensure that status messages are sent in accordance with the requirements.
Based on these findings it was concluded that Jersey is fully meeting expectations in relation to the receipt of the information. Jersey is encouraged to continue to ensure the ongoing effectiveness of its implementation.
Recommendations:
No recommendations made.
SR 2.9 Jurisdictions should respond to a notification from an exchange partner as referred to in Section 4 of the Model CAA (which may include Status Messages) in accordance with the timelines set out in the Commentary to Section 4 of the Model CAA. In all other cases, jurisdictions should send corrected, amended or additional information received from a Reporting Financial Institution as soon as possible after it has been received.
Findings:
Jersey appears ready to respond to notifications and to provide corrected, amended or additional information in a timely manner and no such concerns were raised by Jersey’s exchange partners and therefore with respect to Jersey’s implementation of these requirements.
Based on these findings it was concluded that Jersey appears to be meeting expectations in relation to responding to notifications from exchange partners and the sending of corrected, amended or additional information. Jersey is encouraged to continue to ensure the ongoing effectiveness of its implementation.
Recommendations:
No recommendations made.