Under the CRS regulations, entities classified as Reporting Financial Institutions (RFIs) are required to register with the DITC, perform due diligence on account holders, and file annual reports. RFIs include custodial institutions, depository institutions, investment entities, and specified insurance companies.
RFIs must segregate accounts into Preexisting Accounts (maintained as of 31 December 2015) and New Accounts (opened on or after 1 January 2016). Preexisting individual accounts are further classified as High Value (above $1,000,000) or Lower Value (up to $1,000,000) accounts, each subject to different levels of review.
