08.06 – Identification of an entity as a Non-Financial Foreign Entity (NFFE)

If on the basis of a self certification the holder of a New Entity Account is established as a Passive NFFE, the Financial Institution must identify the Controlling Persons of the entity as determined under AML/KYC procedures.

To determine whether the Controlling Persons of a Passive NFFE are citizens or residents of the US for tax purposes the Reporting Financial Institution must obtain a self certification from the account holder or Controlling Person.

If they are a citizen or resident of the US, the account shall be treated as a Reportable Account.