Automatic Exchange of Information Handbook

1 How we got here - A quick look at the recent history of Automatic Exchange 2 The UK and Automatic Exchange today, including the impact of Brexit 3 An overview of FATCA and CRS 4 What is a reporting financial institution under FATCA/CRS? Why is it important? 5 What is a financial account? Why is that important? 6 How are different kinds of entities and persons affected by FATCA/CRS? 7 FATCA/CRS - Advising, assisting, looking after and dealing with clients 8 FATCA/CRS - What might happen to us, if we didn't comply? 9 FATCA/CRS - Due diligence requirements under the UK's regulations 10 FATCA/CRS due diligence of individual accounts 11 FATCA/CRS due diligence of entity accounts (including NFEs and NFFEs) 12 Making a report under the UK's FATCA/CRS regulations 13 EU DAC 6 - the EU Mandatory Disclosure regime 14 EU DAC 6 - Who must report? 15 EU DAC 6 - What must be reported, when and how? 16 EU DAC 6 - Other obligations 17 EU DAC 6 - The hallmarks 18 EU DAC 6 - Penalties for non-compliance 19 Other forms of exchange under EU DAC 20 HMRC's legal framework for exchange Appendix I - List of countries with a FATCA agreement with the USA Appendix II - OECD Common Reporting Standard ('CRS') participant countries Appendix III - Flowchart 1 - Is this a financial institution? Appendix IV - Flowchart 2 - Is this a UK reporting financial institution? Appendix V - Flowchart 3 - What FATCA and CRS due diligence must a reporting financial institution carry out? Appendix VI - Flowchart 4 - FATCA and CRS due diligence in relation to new individual accounts Appendix VII - Flowchart 5 - FATCA and CRS due diligence for a reporting financial institution in relation to new entity accounts Appendix VIII - Flowchart 6 - Must a UK reporting financial institution treat this as a CRS or FATCA reportable account? Appendix IX - Flowchart 7 - Must a DAC 6 return be made?