IEIM402580 - Due Diligence: General Requirements: Date for Determining the Balance or Value for Thresholds

Due Diligence: General Requirements: Date for Determining the Balance or Value for Thresholds

Thresholds may apply in a number of circumstances. For example, under the CRS it is necessary to determine whether the aggregate value of accounts held by an individual exceed an amount equivalent to US$1 million [see IEIM403560] or the value of accounts held by an entity exceed US$250,000.

The threshold is applied on the last day of the calendar year that is the subject of the report. The balance or value on the account that is to be used for determining if the threshold has been exceeded is that on the last day of the appropriate reporting period ending in that year [Reporting Periods: FATCA or CRS].

Where a Financial Institution values financial accounts at regular points during the year, the balance or value on the last such valuation in the appropriate reporting period may be used for this purpose.