Determine Whether an Account Held by an NFFE is a Reportable Sample Clauses

Determine Whether an Account Held by an NFFE is a Reportable. A ccount. With respect to an Entity Account Holder of a Preexisting Entity Account that is not identified as either a Specified Person or a Financial Institution, the Reporting Financial Institution must identify (i) whether the Entity has Controlling Persons, (ii) whether the Entity is a Passive NFFE, and (iii) whether any of the Controlling Persons of the Entity is a Specified Person. In making these determinations the Reporting Financial Institution should follow the guidance in a) through d) of this subparagraph in the order most appropriate under the circumstances. a) For purposes of determining the Controlling Persons of an Entity, a Reporting Financial Institution may rely on information collected and maintained pursuant to AML/KYC Procedures. b) For purposes of determining whether the Entity is a Passive NFFE, the Reporting Financial Institution must obtain a self-certification from the Entity Account Holder to establish its status, unless it has information in its possession or that is publicly available, based on which it can reasonably determine that the Entity is an Active NFFE. c) For purposes of determining whether a Controlling Person of a Passive NFFE is a Specified Person, a Reporting Financial Institution may rely on: (1) Information collected and maintained pursuant to AML/KYC Procedures in the case of a Preexisting Entity Account held by one or more NFFEs with an account balance that does not exceed $1,000,000; or (2) A self-certification from the Entity Account Holder or such Controlling Person in the case of a Preexisting Entity Account held by one or more NFFEs with an account balance that exceeds $1,000,000. d) If any Controlling Person of a Passive NFFE is a Specified Person in the other jurisdiction, the account shall be treated as a Reportable Account.
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