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France: Updated FATCA, CRS guidance

France: Updated FATCA, CRS guidance

France updated its guidance relating to the collection and reporting of information on financial accounts that is to be automatically transmitted to competent foreign authorities under the FATCA and common reporting standard (CRS) regimes.


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Some of the FATCA updates concern:

  • Penalties regarding non-compliance with obligations under FATCA
  • Reporting U.S. tax identification number (TIN) under due diligence obligations
  • The treatment of new accounts opened by natural persons or entities on or after 1 July 2014

Some of the updates related to CRS concern:

  • Due diligence procedures for identification of pre-existing accounts
  • An additional requirement for financial institutions to collect and report TINs of all account holders and natural persons who control passive non-financial entities
  • The requirement for obtaining self-certification and consequences of lack of self-certification for new accounts
  • Self-certification procedures and consequences of failing to identify as well as procedures when there is a change in circumstance
  • Additional reporting obligations for financial institutions to declare the list of account holders who have not self-certified their tax residence and TINs
  • An additional section on supervision and sanctions

Read a March 2020 report [PDF 75 KB] prepared by the KPMG member firm in France

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