Hong Kong Updates Due Diligence Information for AEOI Reporting

November 20, 2017 Nicolette Chasse

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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