Dormant account

FATCA

Definition of dormant account [§1.1471-4(d)(6)(ii)]

A dormant account is an account (other than a cash value insurance contract or annuity contract) that is a dormant or inactive account under applicable laws or regulations or the normal operating procedures of the participating FFI that are consistently applied for all accounts maintained by such institution in a particular jurisdiction. If neither applicable laws or regulations nor the normal operating procedures of the participating FFI maintaining the account address dormant or inactive accounts, an account will be a dormant account if

(ii)(A) The account holder has not initiated a transaction with regard to the account or any other account held by the account holder with the FFI in the past three years; and [§1.1471-4(d)(6)(ii)(A)]

(ii)(B) The account holder has not communicated with the FFI that maintains such account regarding the account or any other account held by the account holder with the FFI in the past six years. [§1.1471-4(d)(6)(ii)(B)]

AEIM 101900

 

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