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
Deadlines & Timelines Mentioned
- A pre-existing individual account is a financial account that was in existence as of 31 December 2015.
