103340 – Due Diligence: Entity Accounts: Pre-Existing Accounts: Review Procedure for Account Holders: Self-Certification

Where the financial institution has carried out the review of regulatory and customer relationship information and has indications that the Account Holder is resident in a Reportable Jurisdiction it may obtain a self-certification from the Account Holder which reasonably determines that the Account Holder is not a Reportable Person on such Reportable Jurisdiction.

A self-certification for an entity must be signed (or otherwise positively affirmed) by the person with authority to sign on behalf of the entity. This will include:

  • An officer or director of a corporate entity;
  • A partner of a partnership;
  • A trustee of a trust;
  • Any person holding an equivalent title to any of the above; and
  • Any other person with written authorisation from the entity to sign documentation on behalf of the entity.

The self-certification must also be dated at the latest at the date of receipt by the financial institution and must contain the following information in respect of the entity:

  • The name;
  • The address;
  • The jurisdiction(s) of residence for tax purposes; and
  • The TIN for each Reportable Jurisdiction.

The financial institution may also request the Account Holder entity to include its status in the self-certification as either a financial institution or an NFE. When requesting this information from an Account Holder, the financial institution is expected to provide the Account Holder with sufficient information to enable it to determine its status. Financial institutions may produce their own guidance for this purpose, or they may reference this guidance manual, HMRC’s ‘Quick Guide for Account Holders’ the OECD Standard for Automatic Exchange of Financial Account Information in Tax Matters, or the Intergovernmental Agreements for FATCA and CDOT reporting as appropriate.

The requirements for the validity of such a self-certification are the same as for those for self-certification of New Individual Accounts at AEIM103140 to 103200.