AIT Account definition

AIT Account means a Financial Account maintained by a Reporting TECRO Financial Institution and held by one or more Specified AIT Persons or by a Non-AIT Entity with one or more Controlling Persons that is a Specified AIT Person. Notwithstanding the foregoing, an account shall not be treated as an AIT Account if such account is not identified as an AIT Account after application of the due diligence procedures in Annex I.
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Examples of AIT Account in a sentence

  • If there is a change of circumstances with respect to a High Value Account that results in one or more AIT indicia described in subparagraph B(1) of this section being associated with the account, then the Reporting TECRO Financial Institution must treat the account as an AIT Account unless it elects to apply subparagraph B(4) of this section and one of the exceptions in such subparagraph applies with respect to that account.

  • If the Account Holder is a TECRO Financial Institution or other Partner Jurisdiction Financial Institution treated by the IRS as a Nonparticipating Financial Institution, then the account is not an AIT Account, but payments to the Account Holder must be reported consistent with the requirements of an FFI Agreement.

  • For all other New Accounts, Reporting TECRO Financial Institutions must apply the due diligence procedures described in section III or section V of this Annex I, as applicable, to determine if the account is an AIT Account or an account held by a Nonparticipating Financial Institution and must obtain the consent to report described in subparagraph 1(d) of Article 2 of the Agreement.

  • If the Reporting TECRO Financial Institution is unable to obtain a valid self-certification, the Reporting TECRO Financial Institution must treat the account as a Non- Consenting AIT Account.

  • The information required to be reported with respect to such a New Account is any information that would have been reportable under this Agreement if the New Account had been identified as an AIT Account or as an account held by a Nonparticipating Financial Institution, as applicable, as of the date the account was opened.

  • In addition to the electronic and paper record searches described above, the Reporting TECRO Financial Institution must treat as an AIT Account any High Value Account assigned to a relationship manager (including any Financial Accounts aggregated with such High Value Account) if the relationship manager has actual knowledge that the Account Holder is a Specified AIT Person.

  • Unless otherwise provided, information with respect to an AIT Account must be reported annually in the calendar year following the year to which the information relates.

  • If based on this review such account is identified as an AIT Account on or before December 31, 2014, the Reporting TECRO Financial Institution must report the required information about such account with respect to 2014 in the first report on the account and on an annual basis thereafter.

  • If based on this review such account is identified as an AIT Account, the Reporting TECRO Financial Institution must report the required information about such account with respect to the year in which it is identified as an AIT Account and subsequent years on an annual basis, unless the Account Holder ceases to be a Specified AIT Person.

  • In the case of an account identified as an AIT Account after December 31, 2014 and on or before June 30, 2015, the Reporting TECRO Financial Institution is not required to report information about such account with respect to 2014, but must report information about the account on an annual basis thereafter.