IEIM402560 - Due Diligence: General Requirements: Balance or Value of Account

Due Diligence: General Requirements: Balance or Value of Account

The balance or value of a Reportable Account is part of the reportable information [see IEIM402000] that is to be automatically exchanged. It is also relevant for other purposes such as the due diligence procedures for pre-existing entity accounts [see IEIM403240] and the account aggregation rules [see IEIM403560].

The balance or value of the Reportable Account is to be determined as of the last day of the appropriate reporting period [see IEIM400520 for FATCA and IEIM400580 for CRS]. If the balance or value of the account requires conversion from one currency to another the guidance at [see IEIM403560] should be considered.