Hong Kong Updates Due Diligence Information for AEOI Reporting

Nicolette Chasse
November 20, 2017

Hong Kong's Inland Revenue Department recently updated Chapter 10 (Due Diligence: New Individual Accounts) of the AEOI Guidance for Financial Institutions. The updated chapter clarifies the procedure for seeking self-certification, reminding FIs that self-certification should be both obtained and validated within a period of 90 days after the FI has knowledge that a new account has come into existence.  Additionally, the updated chapter states that FIs should confirm the reasonableness of the self-certification upon the account opening.  FIs which fail to obtain a self-certification of an account without a "reasonable excuse" will be found non-compliant and will face penalties.

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Nicolette Chasse

Nicolette Chasse is a Junior Regulatory Counsel at Sovos Compliance. Her main areas of focus are Automatic Exchange of Information (AEOI) reporting under FATCA and CRS and 1099 Federal Withholding Reporting. Nicolette received her B.A. at Trinity College and her J.D. at Penn State’s Dickinson School of Law. She is a member of the Massachusetts Bar.
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