FATCA : In January 2013, the United States of America’s (U.S) treasury released the final FATCA Regulations. FATCA requires U.S based financial institutions (FI) as well as foreign financial institutions to identify their U.S accounts and report them periodically to the U.S IRS (Internal Revenue Service) or appropriate governmental authority, in case of Inter-Governmental Agreement (IGA). Non-compliance can result in adverse consequences, including a penal U.S withholding tax, for non-U.S. entities or penalties under the local inter-governmental . CRS : To combat problem of offshore tax evasion, the G20 and OECD (Organisation of Economic Co-operation and Development) countries developed a Common Reporting Standard (CRS).CRS requires financial institutions to collect and report information to their tax authorities about account holders resident in other countries. India has signed CRS agreement on 3rd June 2015. UBO : As per SEBI Master Circular No. CIR/ISD/AML/3/2010 dated December 31, 2010 regarding Client Due Diligence policy, related circulars on anti-money laundering and SEBI circular No. IR/MIRSD/2/2013 dated January 24, 2013, non individuals and trusts are required to provide details of controlling persons [CP] / ultimate beneficiary owner [UBO] and submit appropriate proof of identity of such CPs/ UBOs. The beneficial owner has been defined in the circular as the natural person or persons, who ultimately own, control or influence a client and/or persons on whose behalf a transaction is being conducted, and includes a person who exercises ultimate effective control over a legal person or arrangement. As per regulatory requirement, individual investors and joint holders are required to provide extended KYC details. In absence of the same, transactions may get rejected by AMC/RTA. Joint holders of ISA ( Mutual Fund) accounts may update the same through Update Extended KYC option in NetBanking Request section of Accounts tab. Non-individual customers & HUFs may submit extended KYC details to Branches /Relationship manager. In absence of the same, transactions may get rejected by AMC/RTA
FATCA : In January 2013, the United States of America’s (U.S) treasury released the final FATCA Regulations. FATCA requires U.S based financial institutions (FI) as well as foreign financial institutions to identify their U.S accounts and report them periodically to the U.S IRS (Internal Revenue Service) or appropriate governmental authority, in case of Inter-Governmental Agreement (IGA). Non-compliance can result in adverse consequences, including a penal U.S withholding tax, for non-U.S. entities or penalties under the local inter-governmental . CRS : To combat problem of offshore tax evasion, the G20 and OECD (Organisation of Economic Co-operation and Development) countries developed a Common Reporting Standard (CRS).CRS requires financial institutions to collect and report information to their tax authorities about account holders resident in other countries. India has signed CRS agreement on 3rd June 2015. UBO : As per SEBI Master Circular No. CIR/ISD/AML/3/2010 dated December 31, 2010 regarding Client Due Diligence policy, related circulars on anti-money laundering and SEBI circular No. IR/MIRSD/2/2013 dated January 24, 2013, non individuals and trusts are required to provide details of controlling persons [CP] / ultimate beneficiary owner [UBO] and submit appropriate proof of identity of such CPs/ UBOs. The beneficial owner has been defined in the circular as the natural person or persons, who ultimately own, control or influence a client and/or persons on whose behalf a transaction is being conducted, and includes a person who exercises ultimate effective control over a legal person or arrangement. As per regulatory requirement, individual investors and joint holders are required to provide extended KYC details. In absence of the same, transactions may get rejected by AMC/RTA. Joint holders of ISA ( Mutual Fund) accounts may update the same through Update Extended KYC option in NetBanking Request section of Accounts tab. Non-individual customers & HUFs may submit extended KYC details to Branches /Relationship manager. In absence of the same, transactions may get rejected by AMC/RTA