Examples of Reporting Singaporean Financial Institution in a sentence
If based on this review such account is identified as a U.S. Reportable Account on or before December 31, 2014, the Reporting Singaporean 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.
For purposes of determining the balance or value of Financial Accounts denominated in a currency other than the U.S. dollar, a Reporting Singaporean Financial Institution must convert the U.S. 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 Singaporean Financial Institution is determining the balance or value.
For purposes of determining the aggregate balance or value of Financial Accounts held by a person to determine whether a Financial Account is a High Value Account, a Reporting Singaporean Financial Institution is also required, in the case of any Financial 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 Singaporean Financial Institution must treat as a U.S. Reportable 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 U.S. Person.
The Reporting Singaporean Financial Institution must review electronically searchable data maintained by the Reporting Singaporean Financial Institution for any of the U.S. indicia described in subparagraph B(1) of this section.
If any such person is a U.S. citizen or resident, the Reporting Singaporean Financial Institution must treat the account as a U.S. Reportable Account.
A Reporting Singaporean Financial Institution may not rely on a self-certification or documentary evidence if the Reporting Singaporean Financial Institution knows or has reason to know that the self-certification or documentary evidence is incorrect or unreliable.
A “Preexisting Account” means a Financial Account maintained by a Reporting Singaporean Financial Institution as of June 30, 2014.
With respect to New Entity Accounts not described in paragraph A of this section, the Reporting Singaporean Financial Institution must determine whether the Account Holder is: (i) a Specified U.S. Person; (ii) a Singaporean Financial Institution or other Partner Jurisdiction Financial Institution; (iii) a participating FFI, a deemed-compliant FFI, or an exempt beneficial owner, as those terms are defined in relevant U.S. Treasury Regulations; or (iv) an Active NFFE or Passive NFFE.
With respect to U.S. Reportable Accounts maintained by a Reporting Singaporean Financial Institution as of June 30, 2014, Singapore commits to establish, by January 1, 2017, for reporting with respect to 2017 and subsequent years, rules requiring Reporting Singaporean Financial Institutions to obtain the U.S. TIN of each Specified U.S. Person as required pursuant to subparagraph 2(a) of Article 2 of this Agreement.