Examples of U.S. Reportable Account in a sentence
For all other New Accounts, Reporting Bahamas Financial Institutions must apply the due diligence procedures described in section III or section V of this Annex I, as applicable, to determine if the account is a U.S. Reportable Account or an account held by a Nonparticipating Financial Institution.
In addition to the electronic and paper record searches described above, the Reporting Bahamas 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.
For purposes of the exchange obligation in Article 2 of this Agreement, the amount and characterization of payments made with respect to a U.S. Reportable Account may be determined in accordance with the principles of the laws of The Bahamas.
Financial Institution shall apply the due diligence rules and procedures contained in Annex I of the Agreement in order to identify the Account Holder of any U.S. Reportable Account maintained by that financial institution.
In the case of an account identified as a U.S. Reportable Account after December 31, 2014 and on or before June 30, 2015, the Reporting Bahamas 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.