04.12 – Self Certification for New Entity Accounts

For certain Entity Accounts (see Section 8.3) a Financial Institution can identify the Entity Account Holder by relying on information it holds, or that is publically available. Where it is unable to do so it must obtain a self certification from the Entity Account holders who are identified as one of the following:

  • a Specified US Person.
  • a Financial Institution that is neither a UK Financial Institution nor a Partner Jurisdiction Financial Institution (Participating FFI, a Deemed Compliant FFI, an Exempt Beneficial Owner, or an entity that is otherwise excluded as a Financial institution, as defined in relevant US Treasury Regulations).
  • a Passive NFFE.

For entities that are Passive NFFEs, the Financial Institution must identify the Controlling Persons and obtain a self-certification from the account holder or any Controlling Persons to determine whether they are a US citizen or are a resident of the US for tax purposes.

This determination can be achieved in the same way as described for New Individual Accounts in Section 4.10 above.