Examples of Reporting Cayman Islands Financial Institution in a sentence
A Reporting Cayman Islands Financial Institution may not rely on a self-certification or documentary evidence if the Reporting Cayman Islands Financial Institution knows or has reason to know that the self-certification or documentary evidence is incorrect or unreliable.
The United Kingdom Competent Authority shall notify the Cayman Islands Competent Authority when the United Kingdom Competent Authority has determined that there is significant non-compliance with the obligations under this Agreement with respect to a Reporting Cayman Islands Financial Institution.
If any such Financial Account is discovered, the Financial Institution must either report that account as though the Financial Institution were a Reporting Cayman Islands Financial Institution, or close the account, or transfer the account to a Participating Foreign Financial Institution, Reporting Model 1 Foreign Financial Institution or a US Financial Institution.
For each Relevant Reporting Period, in order for paragraph D to apply to the United Kingdom Reportable Account, the Specified United Kingdom Person who has made an election under subparagraph B.1.b) must also provide certification to the Reporting Cayman Islands Financial Institution in accordance with subparagraph C.1.
Subject to any further terms set forth in a competent authority agreement executed pursuant to paragraph 6 of Article 3, the United Kingdom Competent Authority may make an inquiry directly to a Reporting Cayman Islands Financial Institution in the Cayman Islands where it has reason to believe that administrative errors or other minor errors may have led to incorrect or incomplete information reporting or resulted in other infringements of this Agreement.
If based on this review such account is identified as a United Kingdom Reportable Account on or before 31 December 2014, the Reporting Cayman Islands Financial Institution must report the required information about such account with respect to 2014 in the first report on the Account and on an annual basis thereafter.
If a Preexisting Individual Account is a High Value Account as of 30 June 2014, the Reporting Cayman Islands Financial Institution must complete the enhanced review procedures described in paragraph D of this section with respect to such account by 30 June 2015.
For purposes of determining the balance or value of accounts denominated in a currency other than the U.S. dollar, a Reporting Cayman Islands Financial Institution must convert the 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 Cayman Islands Financial Institution is determining the balance or value.
With respect to New Entity Accounts not described in paragraph A of this section, the Reporting Cayman Islands Financial Institution must determine whether the Account Holder is: (i) a Specified United Kingdom Person; (ii) a Non-United Kingdom Resident Entity which is a Financial Institution; (iii), a non-reporting Financial Institution; (v) an exempt beneficial owner; (vi) an Active NFFE or a Passive NFFE.
In the case of an account identified as a Reportable Account after 31 December 2014 and on or before 30 June 2015, the Reporting Cayman Islands Financial Institution is not required to report information about such account with respect to 2014, but must report information about the account on an annual basis thereafter..