Advanced CRS Quiz Answers

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teacher answers

  1. Are death benefits of an insurance contract reportable?
B. Yes The OECD implementation handbook describes Information with respect to Other Accounts is the total gross amount paid or credited to the Account Holder with respect to the account with respect to which the Reporting Financial Institution is the obligor or debtor. Further description states Gross amount includes, for example, the aggregate amount of: any redemption payments made (in whole or part) to the Account Holder; and any payments made to the Account Holder under a Cash Value Insurance Contract or an Annuity Contract even if such payments are not considered Cash Value. Beneficiaries are considered account holder. Therefore death benefits to a beneficiary will be reportable even if such benefits are not considered cash value.
  1. Is a protector a controlling person of as trust?
C. It depends on jurisdiction legislation
  1. What is debt interest in an investment entity?
A. Lien on asset to ensure payments
  1. Is a Central bank always a non-reporting Financial Institution?
C. Only if it doesn't undertake transactions with reportable persons
  1. Is a local telephone number an indicia the account is not reportable?
B. No
  1. Can a trust be an active non-financial Entity?
A. Yes
  1. Is a Active trust in Guam with an account in Jersey reportable?
C. Only if its controlling persons are resident in a partipating jurisdiction
  1. What is threshold for controlling persons of an entity?
C. More than 25%
  1. What amount is reported on closure of accounts?
A. No amount
  1. If a non-financial entity is resident in same jurisdiction of Financial Institution, can it be reportable?
A. If controlling persons are resident in another participating jurisdiction
  1. Can a jurisdiction elect to treat Equity Interest in a trust the same as the controlling persons of a trust?
A. No. A jurisdiction may elect to treat controlling persons of a trust the same as Equity Interest in a trust, but not the other way around.
  1. What information is reported by a depository FI which is not reported by any other FI?
B. Interest and balance