San Marino Financial Institution definition
Examples of San Marino Financial Institution in a sentence
An Entity that is a San Marino 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.
If any such person is a U.S. citizen or resident, the Reporting San Marino Financial Institution must treat the account as a U.S. Account.
In all other cases, a Reporting San Marino Financial Institution must obtain a self-certification from the Account Holder to establish the Account Holder’s status.
For purposes of determining the balance or value of Financial Accounts denominated in a currency other than the U.S. dollar, a Reporting San Marino 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 San Marino Financial Institution is determining the balance or value.
A Financial Institution described in subparagraph B(1) or B(2) of this section having a sponsoring entity that complies with the requirements of subparagraph B(3) of this section is a Non-Reporting San Marino Financial Institution treated as a registered deemed-compliant FFI for purposes of section 1471 of the U.S. Internal Revenue Code.
With respect to New Entity Accounts not described in paragraph A of this section, the Reporting San Marino Financial Institution must determine whether the Account Holder is: (i) a Specified U.S. Person; (ii) a San Marino Financial Institution or other Partner Jurisdiction Financial Institution; (iii) a participating FFI, a deemed-compliant FFI, or an exempt beneficial owner, as those terms are defined in relevant U.S. Treasury Regulations; or (iv) an Active NFFE or Passive NFFE.
If the Account Holder is a San Marino Financial Institution or other Partner Jurisdiction Financial Institution treated by the IRS as a Nonparticipating Financial Institution, then the account is not a U.S. Account, but payments to the Account Holder must be reported consistent with the requirements of an FFI Agreement.
The competent authority agreement or arrangement may provide that the U.S. Competent Authority would notify the San Marino Competent Authority when the U.S. Competent Authority makes such an inquiry of a Reporting San Marino Financial Institution regarding the Reporting San Marino Financial Institution’s compliance with the conditions set forth in this Agreement.
Consistent with the terms of an FFI Agreement, the U.S. Competent Authority may make an inquiry directly to a Reporting San Marino Financial Institution where it has reason to believe that administrative errors or other minor errors may have led to incorrect or incomplete information reporting inconsistent with the requirements of an FFI Agreement.
Unless the Reporting San Marino Financial Institution elects otherwise, either with respect to all Preexisting Entity Accounts or, separately, with respect to any clearly identified group of such accounts, a Preexisting Entity Account with an account balance or value that does not exceed $250,000 as of June 30, 2014, is not required to be reviewed, identified, or reported as a U.S. Account until the account balance or value exceeds $1,000,000.