Automatic exchange of financial account information: RFIs must identify reportable accounts and file Form 61B under Rules 114F-114H. The Guidance Note implements CRS and FATCA obligations by defining Reporting Financial Institutions, specifying which Financial Accounts are Reportable Accounts, and prescribing tiered due diligence procedures (pre existing vs new; lower value vs high value; entity vs individual) under Rules 114F-114H. RFIs must collect self certifications, identify controlling persons of Passive NFEs using AML records, aggregate account balances where systems permit, and electronically file Form 61B with prescribed data elements and timelines; GIIN registration and statutory penalties for non compliance are required.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Automatic exchange of financial account information: RFIs must identify reportable accounts and file Form 61B under Rules 114F-114H.
The Guidance Note implements CRS and FATCA obligations by defining Reporting Financial Institutions, specifying which Financial Accounts are Reportable Accounts, and prescribing tiered due diligence procedures (pre existing vs new; lower value vs high value; entity vs individual) under Rules 114F-114H. RFIs must collect self certifications, identify controlling persons of Passive NFEs using AML records, aggregate account balances where systems permit, and electronically file Form 61B with prescribed data elements and timelines; GIIN registration and statutory penalties for non compliance are required.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
