https://www.taxtmi.com/acts?id=19948 Reporting financial institutions must apply prescribed due diligence procedures to identify reportable accounts, determine account status, and maintain annual reporting obligations for U.S. reportable accounts and other reportable accounts. For pre-existing individual and entity accounts, the rule requires electronic review, paper record search, self-certification, documentary evidence, aggregation of account balances, and change-in-circumstances checks to identify reportable persons, passive non-financial entities, controlling persons, and non-participating financial institutions. It also provides transitional procedures for certain new accounts and limits information exchange in relation to relevant crypto-assets to tax administration purposes. en-us Thu, 13 Aug 2015 11:38:24 +0530 Thu, 21 May 2026 14:55:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=19948 Reporting financial institutions must apply prescribed due diligence procedures to identify reportable accounts, determine account status, and maintain annual reporting obligations for U.S. reportable accounts and other reportable accounts. For pre-existing individual and entity accounts, the rule requires electronic review, paper record search, self-certification, documentary evidence, aggregation of account balances, and change-in-circumstances checks to identify reportable persons, passive non-financial entities, controlling persons, and non-participating financial institutions. It also provides transitional procedures for certain new accounts and limits information exchange in relation to relevant crypto-assets to tax administration purposes. Act-Rules Income Tax Thu, 13 Aug 2015 11:38:24 +0530 https://www.taxtmi.com/acts?id=19948