FATCA and CRS compliance: reporting in local currency and due diligence rules for fixed deposits, custodians, HUFs and NBFCs. Operational guidance for FATCA and CRS requires reporting in local currency for specified cycles and permits financial institutions to treat certain fixed deposits opened without new documentation as pre-existing accounts where the linked savings account predates the relevant cut-off, due diligence has been or is being completed, and accounts are treated as linked. Local sub-custodians must conduct due diligence on global custodian end-clients but may rely on global custodian KYC/FATCA/CRS documentation while retaining reporting obligations and access to documents. HUF accounts are treated as entity accounts with PMLA/KYC due diligence, and NBFCs report based on whether they operate as depository institutions or investment entities.
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.
FATCA and CRS compliance: reporting in local currency and due diligence rules for fixed deposits, custodians, HUFs and NBFCs.
Operational guidance for FATCA and CRS requires reporting in local currency for specified cycles and permits financial institutions to treat certain fixed deposits opened without new documentation as pre-existing accounts where the linked savings account predates the relevant cut-off, due diligence has been or is being completed, and accounts are treated as linked. Local sub-custodians must conduct due diligence on global custodian end-clients but may rely on global custodian KYC/FATCA/CRS documentation while retaining reporting obligations and access to documents. HUF accounts are treated as entity accounts with PMLA/KYC due diligence, and NBFCs report based on whether they operate as depository institutions or investment entities.
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