Examples of Reporting Irish Financial Institution in a sentence
If a Preexisting Individual Account is a High Value Account as of December 31, 2013, the Reporting Irish Financial Institution must complete the enhanced review procedures described in paragraph D of this section with respect to such account by December 31, 2014.
If based on this review such account is identified as a U.S. Reportable Account, the Reporting Irish Financial Institution must report the required information about such account with respect to 2013 and 2014 in the first report on the account.
If the entity Account Holder is a Passive NFFE, the Reporting Irish Financial Institution must identify the Controlling Persons as determined under AML/KYC Procedures, and must determine whether any such person is a citizen or resident of the United States on the basis of a self-certification from the Account Holder or such person.
For purposes of determining the aggregate balance or value of accounts held by a person to determine whether an account is a High Value Account, a Reporting Irish Financial Institution shall also be required, in the case of any accounts that a relationship manager knows or has reason to know are directly or indirectly owned, controlled, or established (other than in a fiduciary capacity) by the same person, to aggregate all such accounts.
In addition to the electronic and paper record searches described above, the Reporting Irish Financial Institution must treat as U.S. Reportable Accounts any High Value Accounts assigned to a relationship manager (including any accounts aggregated with such account) if the relationship manager has actual knowledge that the Account Holder is a Specified U.S. Person.
The United States shall not require a Reporting Irish Financial Institution to withhold tax under section 1471 or 1472 of the U.S. Internal Revenue Code with respect to an account held by a recalcitrant account holder (as defined in section 1471(d)(6) of the U.S. Internal Revenue Code), or to close such account, if the U.S. Competent Authority receives the information set forth in subparagraph 2a) of Article 2, subject to the provisions of Article 3, with respect to such account.
Unless the Reporting Irish Financial Institution elects otherwise, where the implementing rules in Ireland provide for such an election, Preexisting Entity Accounts with account balances that do not exceed $250,000 as of December 31, 2013, are not required to be reviewed, identified, or reported as U.S. Reportable Accounts until the account balance exceeds $1,000,000.
For purposes of determining the balance or value of accounts denominated in a currency other than the U.S. dollar, a Reporting Irish Financial Institution must convert the dollar threshold amounts described in this Annex I into such currency using a published spot rate determined as of the last day of the calendar year preceding the year in which the Reporting Irish Financial Institution is determining the balance or value.
A Reporting Irish Financial Institution may not rely on a self-certification or documentary evidence if the Reporting Irish Financial Institution knows or has reason to know that the self-certification or documentary evidence is incorrect or unreliable.
For purposes of determining the aggregate balance or value of accounts held by an individual, a Reporting Irish Financial Institution shall be required to aggregate all accounts maintained by the Reporting Irish Financial Institution, or Related Entities, but only to the extent that the Reporting Irish Financial Institution’s computerized systems link the accounts by reference to a data element such as client number or taxpayer identification number, and allow account balances to be aggregated.