CRS General Quiz

  1. A trustee reports on all its trustee-documented trusts it administrates. Can the trustee report on a trust which is categorized as a NFE?
Yes No If trust informs bank maintaining accounts

  1. Is an irrevocable life insurance policy that prohibits policyholder access to assets a reportable account?
Yes, if policy is allowed to be sold to reportable person No, it is not a cash value account It depends if insurer is a specified Insurance company

  1. If property ownership is not a Financial Account, are dividends from a company collecting rent classed as passive income?
No Yes Only if the company main object is not in the property business

  1. Does the use of Corporate Directors mean the company is a Financial Institution?
Yes No Only if the directors are remunerated

  1. Does an entity holding a professionally managed investment fund mean the assets are professionally managed and hence is an investment entity?
Yes No Only if fund managers are in the business of managing portfolios

  1. If a trust is classed as an investment entity, does it make a difference on who are reportable persons if the settlor and beneficiaries are entities?
Yes No Protector may not be reportable

  1. What is debt interest of a investment entity?
Unknown as not defined Creditors that secure the entity's assets Debtors that secure the entity's assets

  1. Must custodian bank of a Cash Value insurance policy undertake the Standard's due diligence on the policyholder(s)?
Yes, as it is a Custodial Financial Institution No, never Only if it informs the Specified insurance company

  1. Are the controlling persons of trust which is classed as a NFE precisely the same as those having an equity interest if the trust was classed as an investment entity?
Except for protector Yes No

  1. Does the Standard allow self-certification to be verbally provided?
Of course not Only if recorded Yes

  1. When an account is closed, what value must be reported?
The value as at closure date Depends on jurisdiction's CRS implementation rule No amount reported

  1. Must a Financial Institution look-through to the controlling persons of an account belonging to a non-participating Financial Institution?
Yes. always Only for trusts and funds Never

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