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HMRC internal manual

International Exchange of Information Manual

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NRFI: FATCA Only: Non-Registering Local Banks

NRFI: FATCA Only: Non-Registering Local Banks

Non-Registering Local Banks can be treated as Non-Reporting Financial Institutions by virtue of the US regulations at §1471-5-(f)(2)(i).

Non-Registering Local Banks are generally small regulated local banks, credit unions and similar entities that are primarily Depository Institutions; they may operate without a profit.

They must not have a fixed place of business outside of the UK; this does not include a location that is not advertised to the public and from which the Financial Institution performs solely administrative support functions.

Non-Registering Local Banks must have policies and procedures prohibiting the solicitation of customers outside the UK. There is also a limit on the total assets that can be held of $175 million in assets for single entity and ($500 million total for a group of related entities).

Any Related Entities of the Non-Registering Local Bank must also satisfy these requirements.