IEIM403420 - Due Diligence: New Entity Accounts: Introduction

Due Diligence: New Entity Accounts: Introduction

»Ê¹ÚÌåÓýapp due diligence procedures for new entity accounts are broadly the same as those for pre-existing entity accounts except that there is no de minimis threshold.

Reporting Financial Institutions must determine:

  • whether a new entity account is held by one or more entities that are Reportable Persons; and

  • whether a new entity account is held by one or more entities that are Passive NFEs with one or more Controlling Persons who are Reportable Persons.

»Ê¹ÚÌåÓýapp following review procedures must be applied in order to determine this.

  1. IEIM403440
    New Entity Accounts: Reportable Person
  2. IEIM403460
    New Entity Accounts: Jurisdiction of Residence
  3. IEIM403480
    New Entity Accounts: Passive NFE, Controlling Persons