International Exchange of Information Manual

IEIM403115 - Due Diligence: New Accounts: Introduction

New Accounts: Introduction

CRS 

For CRS purposes, a New Account is an account opened on or after 1 January 2016, or if the account is treated as a Financial Account solely by virtue of CRS2.0, an account opened on or after 1 January 2026.

Example: 

An individual holds Specified Electronic Money Products [see IEIM401560] with two unrelated Financial Institutions, one account opened in November 2024 and the other opened in February 2026. Both accounts are treated as Financial Accounts solely by virtue of CRS2.0. The account opened in November 2024 is a Preexisting Account, the account opened in February 2026 is a New Account. 

In some circumstances [see IEIM403125], accounts opened on or after 1 January 2016 or 1 January 2026 respectively can be categorised as Pre-existing Accounts. Such accounts are subject to Pre-existing Account due diligence and under CRS2.0 should be reported as Pre-existing Accounts. 

 

FATCA 

For FATCA purposes, a New Account is an account opened on or after 1 July 2014.