Review Procedures for Identifying Entity Accounts Sample Clauses

The 'Review Procedures for Identifying Entity Accounts' clause establishes the process by which an organization must examine and verify accounts held by entities, such as corporations or partnerships, to determine their status under relevant regulations. Typically, this involves collecting information about the account holder, reviewing documentation to confirm the entity’s identity, and assessing whether the account is subject to specific reporting or compliance requirements. The core function of this clause is to ensure that entity accounts are properly classified and managed, thereby reducing the risk of regulatory non-compliance and enhancing transparency in financial operations.
Review Procedures for Identifying Entity Accounts. With Respect to Which Reporting is Required. For Preexisting Entity Accounts described in paragraph B of this section, the Reporting Cayman Islands Financial Institution must apply the following review procedures to determine whether the account is held by one or more Specified United Kingdom Persons, by Passive NFFEs with one or more Controlling Persons who is a Specified United Kingdom Persons:
View SourceView Similar (11)
Review Procedures for Identifying Entity Accounts. With Respect to Which Reporting is Required. For Preexisting Entity Accounts described in paragraph B of this section, the Reporting Bermuda Financial Institution must apply the following review procedures to determine whether the account is held by one or more Specified United Kingdom Persons or by Passive NFFEs with one or more Controlling Persons who is a Specified United Kingdom Person: 1. Determine Whether the Entity is a Specified United Kingdom Person. a) Review information maintained for regulatory or customer relationship purposes (including information collected pursuant to AML/KYC Procedures) to determine whether the information indicates that the Entity Account Holder is a Specified United Kingdom Person. For this purpose, information indicating that the Entity is a Specified United Kingdom Person includes the place of incorporation or organisation, or an address in the United Kingdom. b) If the information indicates that the Entity Account Holder is a Specified United Kingdom Person, the Reporting Bermuda Financial Institution must treat the account as a United Kingdom Reportable Account unless it obtains a self- certification from the Account Holder, or reasonably determines based on information in its possession or that is publicly available, that the Account Holder is not a Specified United Kingdom Person. 2. Determine Whether a Non-United Kingdom Resident Entity is a Financial Institution. a) Review information maintained for regulatory or customer relationship purposes (including information collected pursuant to AML/KYC Procedures) to determine whether the information indicates that the Non-United Kingdom Resident Entity Account Holder is a Financial Institution. b) If the information indicates that the Non-United Kingdom Resident Entity Account Holder is a Financial Institution, then the account is not a United Kingdom Reportable Account. 3. Determine Whether an Account Held by an NFFE is a United Kingdom Reportable Account. With respect to an Entity Account Holder of a Preexisting Entity Account that is not identified as either a Specified United Kingdom Person or a Non-United Kingdom Resident Entity which is a Financial Institution, the Reporting Bermuda Financial Institution must identify (i) whether the Entity Account Holder has Controlling Persons, (ii) whether the Entity Account Holder is a Passive NFFE, and (iii) whether any of the Controlling Persons of the Entity is a Specified United Kingdom Person. In making these determinati...
View SourceView Similar (2)
Review Procedures for Identifying Entity Accounts. With Respect to Which Reporting is Required. For Preexisting Entity Accounts described in paragraph B of this section, the Reporting Irish Financial Institution must apply the following review procedures to determine whether the account is held by one or more Specified U.S. Persons, by Passive NFFEs with one or more Controlling Persons who are U.S. citizens or residents, or by a Nonparticipating Financial Institution:
View SourceView Similar (2)
Review Procedures for Identifying Entity Accounts. With Respect to Which Reporting is Required. For Preexisting Entity Accounts described in para- graph B of this section, the Reporting Danish Financial Institution must apply the fol- lowing review procedures to determine whether the account is held by one or more Specified U.S. Persons, by Passive NFFEs with one or more Controlling Persons who are U.S. citizens or residents, or by a Nonparticipating Financial Institution:
View Source
Review Procedures for Identifying Entity Accounts. With Respect to Which Reporting is Required. For Preexisting Entity Accounts described in paragraph B of this section, the Reporting Spanish Financial Institution must apply the following review procedures to determine whether the account is held by one or more Specified U.S. Persons, by Passive NFFEs with one or more Controlling Persons who are U.S. citizens or residents, or by a Nonparticipating Financial Institution:
View Source

Related to Review Procedures for Identifying Entity Accounts

  • Important Information About Procedures for Opening a New Account To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial organizations to obtain, verify, and record information that identifies each person who opens an account. Therefore, when you open a ▇▇▇▇ ▇▇▇, you are required to provide your name, residential address, date of birth, and identification number. We may require other information that will allow us to identify you.

  • Customer Identification Program Notice To help the U.S. government fight the funding of terrorism and money laundering activities, U.S. Federal law requires each financial institution to obtain, verify, and record certain information that identifies each person who initially opens an account with that financial institution on or after October 1, 2003. Consistent with this requirement, PFPC Trust may request (or may have already requested) the Fund's name, address and taxpayer identification number or other government-issued identification number, and, if such party is a natural person, that party's date of birth. PFPC Trust may also ask (and may have already asked) for additional identifying information, and PFPC Trust may take steps (and may have already taken steps) to verify the authenticity and accuracy of these data elements.

  • Customer Identification Program (A) To assist the Fund in complying with requirements regarding a customer identification program in accordance with applicable regulations promulgated by U.S. Department of Treasury under Section 326 of the USA PATRIOT Act ("CIP Regulations"), BNYM will do the following: (i) Implement procedures which require that prior to establishing a new account in the Fund BNYM obtain the name, date of birth (for natural persons only), address and government-issued identification number (collectively, the "Data Elements") for the "Customer" (defined for purposes of this Agreement as provided in 31 CFR 1024.100(c)) associated with the new account. (ii) Use collected Data Elements to attempt to reasonably verify the identity of each new Customer promptly before or after each corresponding new account is opened. Methods of verification may consist of non-documentary methods (for which BNYM may use unaffiliated information vendors to assist with such verifications) and documentary methods (as permitted by 31 CFR 1024.220), and may include procedures under which BNYM personnel perform enhanced due diligence to verify the identities of Customers the identities of whom were not successfully verified through the first- level (which will typically be reliance on results obtained from an information vendor) verification process(es). (iii) Record the Data Elements and maintain records relating to verification of new Customers consistent with 31 CFR 1024.220(a)(3). (iv) Regularly report to the Fund about measures taken under (i)-(iii) above. (v) If BNYM provides services by which prospective Customers may subscribe for shares in the Fund via the Internet or telephone, BNYM will work with the Fund to notify prospective Customers, consistent with 31 CFR 1024.220(a)(5), about the program conducted by the Fund in accordance with the CIP Regulations. (B) To assist the Fund in complying with the Customer Due Diligence Requirements for Financial Institutions promulgated by FinCEN (31 CFR § 1020.230) pursuant to the Bank Secrecy Act ("CDD Rule"), BNYM will maintain and implement written procedures that are reasonably designed to: (i) Obtain information of a nature and in a manner permitted or required by the CCD Rule in order to identify each natural person who is a "beneficial owner" (as that term is defined in the CDD Rule) of a legal entity at the time that such legal entity seeks to open an account as a shareholder of the Fund, unless that legal entity is excluded from the CDD Rule or an exemption provided for in the CDD Rule applies; and (ii) Verify the identity of each beneficial owner so identified according to risk based procedures to the extent reasonable and practicable, in accordance with the minimum requirements of the CDD Rule. (C) Nothing in Section (3) shall be construed to require BNYM to perform any course of conduct that is not required for Fund compliance with the CIP Regulations or CDD Rule, including by way of illustration not limitation the collection of Data Elements or verification of identity for individuals opening Fund accounts through financial intermediaries which use the facilities of the NSCC. (D) BNYM agrees to permit inspections relating to the CIP services provided hereunder by U.S. Federal departments or regulatory' agencies with appropriate jurisdiction and to make available to examiners from such departments or regulatory agencies such information and records relating to the CIP services provided hereunder as such examiners shall reasonably request.

  • Entity Accounts Not Required to Be Reviewed, Identified or Reported Unless the Reporting Singaporean Financial Institution elects otherwise, either with respect to all New Entity Accounts or, separately, with respect to any clearly identified group of such accounts, where the implementing rules in Singapore provide for such election, a credit card account or a revolving credit facility treated as a New Entity Account is not required to be reviewed, identified, or reported, provided that the Reporting Singaporean Financial Institution maintaining such account implements policies and procedures to prevent an account balance owed to the Account Holder that exceeds $50,000.

  • Customer Identification - USA Patriot Act Notice The Lender hereby notifies the Borrower that pursuant to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56, signed into law October 26, 2001) (the “Act”), and the Lender’s policies and practices, the Lender is required to obtain, verify and record certain information and documentation that identifies the Borrower, which information includes the name and address of the Borrower and such other information that will allow the Lender to identify the Borrower in accordance with the Act.