101500 – Financial Accounts

A financial account is an account maintained by a financial institution. Only accounts that fall within any of the five categories of financial account defined by the various automatic exchange of information agreements need to be reviewed. Where such an account is held by a Reportable Person it becomes a Reportable Account.

The five categories of financial account that need to be reviewed are:
 

Accounts Financial Institution that is Generally  Considered to Maintain Them
Depository Accounts The financial institution that is obligated to make payments concerning the account (excluding an agent of the financial institution).
Custodial Accounts The financial institution that holds custody over the assets in the account.
Equity and debt interests in investment entities. The issuer of the equity or debt interest maintained by the investment entity.
Cash Value Insurance Contracts The financial institution that issues or, if different, is obligated to make payments with respect to the contract.
Annuity Contracts The financial institution that issues or, if different, is obligated to make payments with respect to the contract.

Certain financial accounts are seen to be low-risk of being used to evade tax and are specifically excluded from needing to be reviewed. Details of these Excluded Accounts are at.