Due diligence requirements for reportable financial accounts set review standards, self-certification rules, aggregation principles, and annual reporting obligations. Due diligence requirements are prescribed for identifying reportable financial accounts, including the timing from which an account is treated as reportable and the annual reporting cycle. The rule defines documentary evidence, high value account, lower value account, new account, pre-existing account, and related account categories, and sets balance and value thresholds for U.S. reportable accounts and other reportable accounts. It also provides detailed review procedures for pre-existing and new individual and entity accounts, including self-certification, indicia review, enhanced review, aggregation, and treatment of undocumented accounts.
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Provisions expressly mentioned in the judgment/order text.
Due diligence requirements for reportable financial accounts set review standards, self-certification rules, aggregation principles, and annual reporting obligations.
Due diligence requirements are prescribed for identifying reportable financial accounts, including the timing from which an account is treated as reportable and the annual reporting cycle. The rule defines documentary evidence, high value account, lower value account, new account, pre-existing account, and related account categories, and sets balance and value thresholds for U.S. reportable accounts and other reportable accounts. It also provides detailed review procedures for pre-existing and new individual and entity accounts, including self-certification, indicia review, enhanced review, aggregation, and treatment of undocumented accounts.
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