Substantive Additions


Substantive additions to the Standard in the Commentary

1. Where the residence address test is allowed for (see the optional provisions above), the provisions relating to dormant accounts, the Documentary Evidence that can be relied on and the treatment of accounts opened at a time prior to AML/KYC requirements.
2. The definition of Controlling Persons.
3. The procedure when reporting information in relation to jointly held accounts.
4. Ensuring that Financial Institutions can rely only on a selfcertification from either the Account Holder or the Controlling Person to determine whether a Controlling Person of a Passive NFE is a Reportable Person.
5. Applying the change of circumstances provisions to the residence address test (these provisions are explicitly provided for in the electronic records test, but the CRS does not apply them directly to the residence address test).
6. The definition of the residence of a Financial Institution.
7. The approach taken when considering whether a Financial Institution maintains an account.
8. The treatment of trusts that are non-financial entities (NFEs).
9. Relying on the address of an Entity’s principal office.
10. Requiring the reporting of place and date of birth and the collection of taxpayer identification numbers (TINs).