IEIM402655 | Due Diligence: Pre-Existing Accounts: Introduction

Pre-Existing Accounts: Introduction

CRS

For CRS purposes a Pre-existing Account is an account maintained by a Financial Institution as at 31 December 2015, or if the account is treated as a Financial Account solely by virtue of CRS2.0, an account maintained by a Financial Institution as at 31 December 2025.

In some circumstances [see IEIM403125], accounts opened after these dates can also be categorised as Pre-existing Accounts. Accounts that are categorised as Pre-existing Accounts are subject to Pre-existing Account due diligence and under CRS2.0 should be reported as Pre-existing Accounts.

FATCA

For FATCA purposes, a Pre-existing Account is an account maintained by a Financial Institution as at 30 June 2014.