08.02 – Reportable Accounts

An account holder of a New Entity Account must be classified as either:

  • a Specified US Person;
  • a US Person other than a Specified US Person;
  • a UK Financial Institution or other Partner Jurisdiction Financial Institution;
  • a Participating FFI, a Deemed Compliant FFI, an Exempt Beneficial Owner, or an Excepted FFI, as those terms are defined in relevant US Treasury Regulations; or
  • an Active NFFE or Passive NFFE;
  • a Non-Participating Financial Institution.

New Entity Accounts will be reportable where there is an account holder who is:

  • a Specified US Person; or
  • a Passive NFFE with one or more Controlling Persons who are citizens or residents of the US.

If the account holder is one of those listed below then the account is not a US Reportable Account:

  • a US Person other than a Specified US Person;
  • a UK Financial Institution or other Partner Jurisdiction Financial Institution
  • a Participating FFI, a Deemed Compliant FFI, an Exempt Beneficial Owner, or an Excepted FFI, as those terms are defined in relevant US Treasury Regulations; or
  • an Active NFFE;
  • a Passive NFFE where none of the Controlling Persons are US citizens or resident in the US.