Executive summaryIn Enforcement Guidelines (Guidelines) released 31 March 2022, the Cayman Islands' Department for International Tax Cooperation (DITC) outlined the circumstances under which financial institutions could face penalties for failing to comply with the Common Reporting Standard (CRS). The DITC also discussed the process by which financial institutions would be notified of penalties, and the notice and appeals process by which they may contest penalty imposition.Detailed discussionBackgroundThe DITC is a department in the Ministry of Financial Services and Commerce that administers the Cayman Islands' international cooperation in tax matters, including monitoring financial institutions' compliance with the Tax Information Authority Act (2021 Revision) (TIA Act)...