Direct Account Holder Clause Samples

Direct Account Holder. A direct account holder is any account holder who has a direct relationship with ▇▇. In the case of an NFFE acting as a QI on behalf of persons other than its shareholders, a direct account holder is any person for whom ▇▇ is acting with respect to a reportable payment regardless of whether such person is the beneficial owner. In addition, a direct account holder includes a beneficiary of a trust that holds an account with QI provided the following requirements are satisfied: (1) the trust is registered with the applicable government as a tax-free plan; (2) in order to qualify as a tax-free plan, applicable non-U.S. law mandates that where the plan holds assets in a brokerage account, a trust be established for the account holder that is the sole beneficiary under the plan; (3) the account holder maintains general control over investments in the plan and can withdraw the funds at any time; (4) QI is required to document the account holder under applicable anti-money laundering/know-your-customer regulations or procedures; and (5) the trust itself is not eligible for a reduced rate of withholding under an applicable income tax treaty.