IEIM400950 - Non-Reporting Financial Institutions: Central Bank

NRFI: Central Bank

The Central Bank of a jurisdiction is a Non-Reporting Financial Institution (NRFI) for both the regimes.

It is a defined term in the CRS and any entity that falls within the definition is a NRFI. The IGA with the USA defines Central Bank by reference to the entity that fulfils that function in the UK. As there is no other UK entity that fulfils that role, the Central Bank for both regimes is defined as The Bank of England and any of its wholly owned subsidiaries.