Rating: On Track
Nauru’s implementation of the AEOI Standard is on track with respect to exchanging the information effectively in practice as, to date, Nauru has not needed to exchange information under the AEOI Standard. Nauru is encouraged to ensure it will be able to exchange information effectively in practice if and when it is needed.
SR 2.4 Jurisdictions should sort, prepare and validate the information in accordance with the CRS XML Schema and the associated requirements in the CRS XML Schema User Guide and the File Error and Correction-related validations in the Status Message User Guide (i.e. the 50000 and 80000 range).
Findings:
Nauru has not commenced exchanges with its partners under the AEOI Standard as there are no Reporting Financial Institutions in Nauru. SR 2.4 has therefore not been assessed in this case.
Recommendations:
Not applicable.
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:
Nauru has not commenced exchanges with its partners under the AEOI Standard as there are no Reporting Financial Institutions in Nauru and Nauru exchanges information on a non-reciprocal basis and does not therefore receive information. It therefore does not need to agree transmission methods with its partners. SR 2.5 has therefore not been assessed in this case
Recommendations:
Not applicable.
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:
Nauru has not commenced exchanges with its partners under the AEOI Standard as there are no Reporting Financial Institutions in Nauru. SR 2.6 has therefore not been assessed in this case.
Recommendations:
Not applicable.
SR 2.7 Jurisdictions should send the information in accordance with the agreed transmission methods and encryption standards.
Findings:
Nauru has not commenced exchanges with its partners under the AEOI Standard as there are no Reporting Financial Institutions in Nauru. SR 2.7 has therefore not been assessed in this case.
Recommendations:
Not applicable.
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:
Nauru has not commenced exchanges with its partners under the AEOI Standard as there are no Reporting Financial Institutions in Nauru. SR 2.8 has therefore not been assessed in this case.
Recommendations:
Not applicable.
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:
Nauru has not commenced exchanges with its partners under the AEOI Standard as there are no Reporting Financial Institutions in Nauru. SR 2.9 has therefore not been assessed in this case.
Recommendations:
Not applicable.