The Australian Taxation Office updated automatic exchange of information (AEOI) guidance to incorporate changes made to the due diligence procedures for new individual account self-certifications.
A reporting financial institution will be deemed to have materially progressed an account opening if an account number is provided to the account holder—unless a block is applied to certain transactions that includes stopping the initial deposit. Reporting financial institutions may remove the block only after receiving a valid self-certification.
Read a November 2020 report [PDF 72 KB] prepared by the KPMG member firm in Australia
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