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HMRC internal manual

International Exchange of Information Manual

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HM Revenue & Customs
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Due Diligence: New Individual Accounts: Introduction

Due Diligence: New Individual Accounts: Introduction

New accounts are those opened on or after the date that the various automatic exchange of information regimes ‘switch on’ under the timelines for reporting [see IEIM400520 for FATCA, IEIM400540 for CDOT, IEIM400580 for DAC/CRS].  New individual accounts are accounts where the Reportable Person [see IEIM403440] is an individual.

The due diligence procedures for new individual accounts require that a self-certification [see IEIM403340] is obtained from the Account Holder.

If the self-certification establishes that the Account Holder is resident for tax purposes in a Reportable Jurisdiction, then the Reporting Financial Institution must treat the account as a Reportable Account [see IEIM401520].

 

The wider approach that requires Financial Institutions to identify the territory in which a person is tax resident irrespective of whether or not that territory is a Reportable Jurisdiction, applies to new accounts as well as pre-existing accounts. The self-certification process can be used for this purpose. This information must be maintained by the Reporting Financial Institution for a period of 6 years from the end of the period in which the territory is identified [see IEIM400140].

 

The procedures applying for the purposes of identifying Reportable Accounts among new individual accounts are described in the following pages.

 

 

New Individual Accounts: Introduction
  1. IEIM403140
    New Individual Accounts: Self Certifications