OECD: Updated FAQs released under common reporting standard (CRS)

OECD: Updated FAQs released under CRS

The Organisation for Economic Cooperation and Development (OECD) today released updated frequently asked questions (FAQs) concerning the common reporting standard (CRS).

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The updated FAQs [PDF 634 KB] address the following topics:

  • Qualification of usufruct for CRS purposes
  • Identification of “controlling persons of passive NFEs” with financial institutions in the chain of legal ownership
  • Anti-money laundering / know your customer—AML/KYC—procedures and due diligence for CRS purposes
  • Look-through requirement for widely-held CIVs and pension funds in the form of trusts in non-participating jurisdictions
  • Application of new accounts procedures to preexisting accounts—relationship manager inquiry
  • Confirming the validity of self-certifications
  • Reliance on Model 1 FATCA intergovernmental agreement (IGA) definition of “investment entity” for purposes of CRS
  • E-money providers—qualification as a “depository institution”
  • Excluded accounts—low-value electronic money accounts
  • Determination of equity interest in the case of a widely held CIV that is a “reporting financial institution”
  • Investment entity—definition of “financial account”
  • Definition of “active NFE”—stock regularly traded on an established securities market

 

Read more in the OECD’s release.
 

Read an April 2017 report [PDF 64 KB] prepared by KPMG LLP

 

For more information, contact a KPMG tax professional: 

Michael Plowgian | +1 (202) 533-5006 | mplowgian@kpmg.com

Jennifer Sponzilli | +1 (212) 872-6660 | jsponzilli@kpmg.com

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