Australian Financial Institution definition
Examples of Australian Financial Institution in a sentence
In such a case, Australia shall obtain and include in the exchanged information the date of birth of the relevant person, if the Reporting Australian Financial Institution has such date of birth in its records.
If any such person is a U.S. citizen or resident, the Reporting Australian Financial Institution must treat the account as a U.S. Reportable Account.
Unless the Reporting Australian Financial Institution elects otherwise, either with respect to all Preexisting Individual Accounts or, separately, with respect to any clearly identified group of such accounts, where the implementing rules in Australia provide for such an election, the following Preexisting Individual Accounts are not required to be reviewed, identified, or reported as U.S.
If a Preexisting Individual Account is a High Value Account as of June 30, 2014, the Reporting Australian Financial Institution must complete the enhanced review procedures described in paragraph D of this section with respect to such account by June 30, 2015.
In all other cases, a Reporting Australian Financial Institution must obtain a self-certification from the Account Holder to establish the Account Holder’s status.
If based on this review such account is identified as a U.S. Reportable Account, the Reporting Australian Financial Institution must report the required information about such account with respect to the year in which it is identified as a U.S. Reportable Account and subsequent years on an annual basis, unless the Account Holder ceases to be a Specified U.S. Person.
For purposes of determining the balance or value of Financial Accounts denominated in a currency other than the U.S. dollar, a Reporting Australian Financial Institution must convert the U.S. dollar threshold amounts described in this Annex I into such currency using a published spot rate determined as of the last day of the calendar year preceding the year in which the Reporting Australian Financial Institution is determining the balance or value.
An Entity that is an Australian Financial Institution solely because it is an Investment Entity, provided that each direct holder of an Equity Interest in the Entity is an exempt beneficial owner, and each direct holder of a debt interest in such Entity is either a Depository Institution (with respect to a loan made to such Entity) or an exempt beneficial owner.
A Reporting Australian Financial Institution must implement procedures to ensure that a relationship manager identifies any change in circumstances of an account.
In addition to the electronic and paper record searches described above, the Reporting Australian Financial Institution must treat as a U.S. Reportable Account any High Value Account assigned to a relationship manager (including any Financial Accounts aggregated with such High Value Account) if the relationship manager has actual knowledge that the Account Holder is a Specified U.S. Person.