We are providing support to Insurance Companies which are classified as FFI in relation to the obligated due diligence procedures to be performed on their clients. Such more specific in relation to however not limited to the following matters.
- Definition of Insurance companies for FATCA & CRS purposes
- Residence address test
- Identification procedures
- Deceased accountholders
- Controlling Persons, Substantial US Owners and US Persons
- Term of validity of W-8 forms
- Thresholds and determining of amounts to be reported (balance as per year end versus income during financial year)
- Exempted FFIs
- Exempted insurance products