CRS Undocumented Accounts: Explanatory Note
| Metadata | Description |
|---|---|
| File Name | Undocumented-Accounts-Explanatory-Notes.pdf |
| Category | DITC User Guides & Compliance Notes |
| Page Count | 1 pages |
| File Size | 128.65 KB |
| Source Document | View / Download PDF |
Document Overview
Explanatory notes concerning the treatment, due diligence, and reporting obligations for 'Undocumented Accounts' under the CRS.
Key Takeaways
- Defines an undocumented account (typically a preexisting individual account with a hold-mail instruction or in-care-of address, and no other indicators).
- Details the annual reporting requirements and due diligence refresh cycles.
- Explains the consequences of failing to resolve undocumented accounts.
Key Concepts Covered
- Common Reporting Standard (CRS)
- Self-Certification
- Reporting Financial Institution
- Undocumented Accounts
- Preexisting vs. New Accounts
- CRS vs. US FATCA: Key Differences
Deadlines & Timelines Mentioned
- A pre-existing individual account is a financial account that was in existence as of 31 December 2015.