04.13 – Self Certification for Pre-existing Entity Accounts

Self certification is required for Pre-existing Entity Accounts in the following situations:

An entity account holder is identified as a Specified US Person.

Then the Financial Institution will be required to treat the account as reportable unless it obtains a self certification showing that the account holder is not a Specified US Person.

The entity account holder is not a UK Financial Institution or Partner Jurisdiction Financial Institution.

The entity account holder will be treated as a Non-Participating Financial Institution unless a self certification is obtained that identifies the entity as a Certified Deemed-Compliant FFI, an Exempt Beneficial Owner or an Excepted FFI, as these terms are defined in relevant US Treasury Regulations.

The entity account holder is a Passive NFFE (an entity account holder will be a Passive NFFE if it is not an Active NFFE).

The Financial Institution must obtain a self certification from the account holder to establish its status unless it has information in its possession or that is publicly available, based on which it can reasonably determine that the entity is an Active NFFE.

If the account balance held by one or more Passive NFFEs exceeds $1,000,000, a self certification is required from the account holder or Controlling Person.