https://www.taxtmi.com/circulars?id=68764 RFIs may rely on information under the Prevention of Money laundering Act only to the extent those rules conform to the 2012 FATF recommendations. For trusts, the definition of controlling person follows Explanation 2 to Explanation (B) to Rule 114F(6), requiring RFIs to treat settlors, trustees, beneficiaries (regardless of interest size) and any natural person exercising ultimate effective control as controlling persons for due diligence. For new entity accounts of passive non financial entities, RFIs may rely on self certification from the account holder or controlling person to determine reportability, per the CRS commentary. en-us Thu, 30 Jul 2020 00:00:00 +0530 Fri, 22 Aug 2025 14:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=68764 RFIs may rely on information under the Prevention of Money laundering Act only to the extent those rules conform to the 2012 FATF recommendations. For trusts, the definition of controlling person follows Explanation 2 to Explanation (B) to Rule 114F(6), requiring RFIs to treat settlors, trustees, beneficiaries (regardless of interest size) and any natural person exercising ultimate effective control as controlling persons for due diligence. For new entity accounts of passive non financial entities, RFIs may rely on self certification from the account holder or controlling person to determine reportability, per the CRS commentary. Circulars Income Tax Thu, 30 Jul 2020 00:00:00 +0530 https://www.taxtmi.com/circulars?id=68764