If the entity is a UK Financial Institution or a Financial Institution in another Partner Jurisdiction, no further review, identification or reporting will normally be required. The exception to this is if the Financial Institution becomes a Non-Participating Financial Institution following significant non-compliance. If the account holder is a Financial Institution, but not a UK Financial Institution, Financial Institution in another Partner Jurisdiction or a Participating Financial Institution, then the entity is treated as a Non-Participating Financial Institution. This applies unless the Reporting Financial Institution:
If the account holder is a Non-Participating Financial Institution, then reports on certain payments made to such entities will be required. (See Section 9.4) |