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HMRC internal manual

International Exchange of Information Manual

From
HM Revenue & Customs
Updated
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Due Diligence: Pre-Existing Entity Accounts: Reportable Accounts: Available Information

Due Diligence: Pre-Existing Entity Accounts: Reportable Accounts: Available Information

Where the Financial Institution has carried out the review of regulatory and customer relationship information and has indications that the Account Holder is resident in a Reportable Jurisdiction it may take into account information in its possession, or which is publicly available, which reasonably determines that the Account Holder is not a Reportable Person with respect to such Reportable Jurisdiction.

Such information will include the following:

  • Information published by an authorised government body of a jurisdiction. For example, the list of Foreign Financial Institutions published by the US tax administration;

 

  • Information in a publicly accessible register maintained or authorised by an authorised government body of a jurisdiction;

 

  • Information disclosed on an established securities market;

 

  • Information previously recorded in the files of the Financial Institution;

 

  • A publicly accessible classification based on a standardised industry coding system. This will include any coding system employed by the Financial Institution which is based on such a standardised industry coding system.

 

Where the Financial Institution relies on such information it must retain a notation of the type of information reviewed and the date the review was carried out.