Examples of Reporting Swiss Financial Institution in a sentence
For purposes of determining the aggregate balance or value of accounts held by an individual, a Reporting Swiss Financial Institution shall be required to aggregate all accounts maintained by the Reporting Swiss Financial Institution, or Related Entities, but only to the extent that the Reporting Swiss 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.
A Reporting Swiss Financial Institution may not rely on a self-certification or documentary evidence if the Reporting Swiss Financial Institution knows or has reason to know that the self-certification or documentary evidence is incorrect or unreliable.
Subject to the provisions of paragraph 2 of Article 11 of this Agreement, each Reporting Swiss Financial Institution that registers with the IRS and complies with the terms of an FFI Agreement shall be treated as complying with the requirements of, and as not subject to withholding under, section 1471 of the U.S. Internal Revenue Code.
If based on this review, such account is identified as a U.S. Account, the Reporting Swiss Financial Institution must report the required information about such account with respect to 2013 and 2014 in the first report on the account.
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 Swiss 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.
The Reporting Swiss Financial Institution must review electronically searchable data maintained by the Reporting Swiss Financial Institution for any of the U.S. indicia identified in subparagraph B (1) of this section.
Unless the Reporting Swiss Financial Institution elects otherwise, 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. Accounts until the account balance exceeds $1,000,000.
If a Preexisting Individual Account is a High Value Account as of December 31, 2013, the Reporting Swiss Financial Institution must complete the enhanced review procedures described in paragraph D of this section with respect to such account by December 31, 2014.
The U.S. Competent Authority shall notify the Swiss Competent Authority when the U.S. Competent Authority has determined that there is significant non-compliance with the requirements of an FFI Agreement or this Agreement with respect to a Reporting Swiss Financial Institution.
If the non-compliance is not resolved within a period of 12 months after notification of significant non-compliance is first provided by the U.S. Competent Authority, the United States shall treat the Reporting Swiss Financial Institution as a Nonparticipating Financial Institution pursuant to this paragraph.