• Automatic Exchange of Information

    Financial Institution (FI) quick check.

Financial Institutions

This simple app has a maximum of seven questions and provides you with an initial assessment of whether a client is caught as a Financial Institution (FI) without the requirement for detailed knowledge of the legislation.

FATCA CRS Quick Check

The app generates a short email response sent to the individual completing the questionnaire with an attached pdf of the responses to the questions.  The app has been created such that it can be used to give an initial assessment of FIs in most mainstream jurisdictions, as well as Australia, so can be used for multi-jurisdictional groups.

FATCA/CRS Quickcheck: FAQs

Financial Institutions

The definition of a Financial Institution is very wide and can include non-regulated entities (of whatever legal form) and may catch trusts, personal investment companies, brokers, funds, nominee companies, collective investment vehicles etc.  Broadly, any entity that holds funds, money or financial assets (stocks, shares, loan notes, cash) for an individual or entity or that is managing, investing and administering money or financial assets on behalf of another may be an FI.  Indirectly held real estate may also give rise to an FI classification.

As the legislation is relatively new, particularly with respect to Common Reporting Standard (CRS), many businesses are still unaware of the impact that the legislation will have.

There are penalties for FIs that fail to comply with their filing obligations or file incorrectly.  There are also implications for customers of FIs.   In view of the impending deadline (31 July for Australian entities) you should consider potential exposure now.

The app sends an email alert to BDO’s central CRS/FATCA team who will be happy to help with any queries as well as any member of the current BDO team.

Please contact, or for further details.