IEIM403300 - 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. However, in accordance with the OECD’s Frequently Asked Question 27 published in May 2024, the mere inclusion of an Account Holder on the list of Foreign Financial Institutions published by the US tax administration is not sufficient on its own to reasonably determine that such Account Holder is a Financial Institution for CRS purposes;
- 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.