Corporate Compliance Policies
Corporate Compliance Policies
Corporate Compliance Policies
Contents
1. Introduction..................................................................................................................... 1
2. Purpose............................................................................................................................ 1
3. Legal Framework ............................................................................................................. 1
4. Scope ............................................................................................................................... 1
5. Responsibilities ................................................................................................................ 2
5.1. IFS and Subsidiary Boards of Directors.................................................................... 2
5.2. IFS and Subsidiary Chief Executive Officers (CEOs) ................................................. 2
5.3. Chief Compliance Officer (CCO) .............................................................................. 2
5.4. Subsidiary Compliance Officers ............................................................................... 3
5.5 Subdiries Senior Management ...................................................................................... 3
5.6. Employees ............................................................................................................... 3
6. General Guidelines .......................................................................................................... 4
7. Policies............................................................................................................................. 4
7.1. Money Laundering and Financing of Terrorism Risk Management ...................... 4
7.2. Foreign Account Tax Compliance Act (FATCA) ...................................................... 8
7.3. Insider Trading ...................................................................................................... 13
7.4. Anti-Corruption Program...................................................................................... 19
8. Monitoring..................................................................................................................... 23
9. Internal and External Audit ........................................................................................... 23
10. Penalties for Non-Compliance................................................................................... 24
11. Non-Compliance Reporting ....................................................................................... 24
12. Questions .................................................................................................................. 24
Annex 1. Glossary ................................................................................................................. 25
INTERNAL USE ONLY INFORMATION: No part of this document may be
reproduced in any form or by any means without permission.
1. Introduction
IFS is firmly committed to promoting and ensuring a Culture of Compliance in concert with
its subsidiaries in order to achieve the highest standards of integrity and ethical conduct in
their organizations.
2. Purpose
The purpose is to establish general guidelines to conduct business in accordance with the
core values of IFS and law and regulations.
Accordingly, this policy has been prepared based on international compliance standards,
and includes the following:
Establish internal controls to prevent, detect and report inappropriate activities and
take appropriate actions and decisions when is applicable.
Ensure that training program are in line with policies, procedures and standards
approved by our corporation.
Implement controls to evaluate the effectiveness of this Policy.
3. Legal Framework
This Policy has been prepared on the basis of applicable regulations in force, established by
bodies such as the SBS – Superintendencia de Banca, Seguros y AFP (Superintendency of
Banking, Insurance and Pension Fund Administrators), the SMV - Superintendencia de
Mercado y Valores (Superintendency of Markets and Securities), the UIF - Unidad de
Inteligencia Financiera (Financial Intelligence Unit), the Securities and Exchange Commission
(SEC), and the Internal Revenue Service (IRS). It is also based on the regulations of the
countries where IFS subsidiaries are incorporated, such as Panama and the Bahamas and
any other country where any of the companies is incorporated.
4. Scope
This policy is applicable to Intercorp Financial Services Inc. (IFS) and its subsidiaries:
This policy contains minimum mandatory standards; therefore, where a local standard
differs from these requirements set forth in this policy, the stricter one shall apply. Likewise,
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reproduced in any form or by any means without permission.
if there is any conflict between a local standard and this policy, the IFS subsidiary concerned
shall consult with the Chief Compliance Officer to resolve the conflict.
5. Responsibilities
5.1. IFS and Subsidiary Boards of Directors
Approve policies and procedures.
Ensure that IFS and subsidiaries follow the Corporate Compliance Policy and
Procedures and are aligned with its strategy.
Appoint a Chief Compliance Officer (CCO), who will be ratified by the
corresponding subsidiaries (according to the standard applicable to each
country).
Ensure the independence of the Chief Compliance Officer in the performance
of his/her duties.
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5.6. Employees
Comply with this policy.
Manage properly the risks to which they may be exposed as part of their
responsibilities.
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6. General Guidelines
Risk assessment is performed based on the nature of the business. Therefore, each
subsidiary must have their own risk assessment. The minimum scope of the compliance
program is:
7. Policies
7.1. Money Laundering and Financing of Terrorism Risk Management
The aim is to manage risks to prevent money laundering, financing of terrorism or
other financial crimes by IFS subsidiaries, their clients, employees, suppliers and/or
counterparties.
7.1.1. Responsibilities
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Corporate Coordinator
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Risk Approach
Employees
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i. Identification
Identify clients at the beginning of the business relationship, in
accordance with the provisions of legal regulations in force.
Establish the purpose of the business relationship.
Identify the ultimate beneficial owner of the account with
whom a business relationship is established and verify the
following:
a. A shareholder of the entity
b. Who exercises control over the client and assets thereof
c. Who carries out transactions on behalf of another or of the
established business relationship
For the AML/CFT System, ultimate beneficial owner is the
natural person on whose behalf a transaction is carried out
and/or the one who has or exercises ultimate effective control
over a client in favor of whom a transaction is carried out. It also
includes persons exercising effective control of the legal entity
or account.
ii. Verification
Subsidiaries must implement procedures to verify the information
provided by clients.
Subsidiaries are prohibited from opening or maintaining accounts,
products and/or services of any kind, of an anonymous nature or
with fictitious or inaccurate names or solely with codes.
Subsidiaries, based on the characteristics of their clients, products
and services offered, transactions performed thereby, level of risk,
and results of verification of their information, may establish
specific restrictions at a business, operational and/or transactional
level, either at the beginning or during the business relationship.
Subsidiaries must establish risk-based approach policies on
knowledge of clients, employees, markets, correspondent
banking, suppliers, counterparties, and intermediaries.
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Transaction Records
In addition to the Foreign Account Tax Compliance Act, the policies listed below are
intended to provide corporate action guidelines for FATCA compliance:
All Intercorp Peru Ltd. EAG companies that classify as FFIs under FATCA shall
comply with FATCA regulations pursuant to established corporate guidelines.
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Intercorp Ltda. will be the Lead FFI and will be responsible for identifying the
FFIs that make up the EAG and registering them with the IRS.
In order to comply with these regulations, the CCO will be the FATCA Corporate
Compliance Officer appointed by the Lead FFI.
The FATCA Corporate Compliance Officer will be responsible for defining the
FATCA Compliance Program, as well as consolidating and disseminating it
among the other FFIs and monitoring it regularly.
The Chief Executive Officer of each FFI in the group shall appoint a Point of
Contact-POC (FATCA Officer) who will be responsible for implementing the
requirements of the FATCA Compliance Program and will report functionally to
the FATCA Corporate Compliance Officer.
The procedures and policies developed by each FFI for compliance with FATCA
regulations must be aligned with FATCA Corporate Policies and approved by
the FATCA Corporate Compliance Officer.
Individual FATCA-related policies may be stricter, but in no case less strict, than
FATCA-related Corporate Policies.
The FATCA Corporate Compliance Officer will review FATCA compliance
throughout the EAG on an annual basis.
The FATCA Corporate Compliance Officer will perform the certifications
required by FATCA regulations.
The FATCA Corporate Compliance Officer shall approve all FATCA-related
communications (internal and external of the Group) made.
The FATCA Corporate Compliance Officer shall identify and assess changes in
FATCA Corporate Policies in the event that: (i) any amendments are made to
FATCA regulations, (ii) an IGA is signed in a country where an FFI is
incorporated; or (iii) any amendments are made to local regulations in the
country of incorporation of an FFI that affect FATCA compliance.
The Point of Contact-POC (FATCA Officer) of each FFI shall identify and report
to the FATCA Corporate Compliance Officer if any changes in the local
regulations of the FFI's country of incorporation affect FATCA compliance.
No employee of Intercorp Peru Ltd. companies classified as FFIs may collude
with the clients of such companies to evade FATCA requirements.
In the event of identifying indicia or becoming aware that one of their clients is
a U.S. Person, employees who have direct contact with clients must inform the
Point of Contact-POC (FATCA Officer) in each FFI.
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7.2.4. Withholding
FATCA required withholding will only be applicable if local regulations
where the FFI is incorporated allows it.
Withholding is applicable to clients classified as recalcitrant or NPFFIs.
Payments subject to withholding are:
- Any payment of interest, dividends, rent, wages, salaries,
premiums, bonuses, annuities, compensation, remuneration, fees
and other fixed, determinable, annual or periodic earnings or
income, if such payment comes from the USA.
- Any gross income from the sale or other disposition of any property
that may earn interest or dividends from U.S. sources.
Each FFI is responsible for the identification, calculation and application
of withholding according to the deadlines established by the
regulations.
7.2.5. Reporting
Reporting is applicable to clients classified as:
- U.S. Person
- Recalcitrant
- NPFFI
- NFFE with substantial U.S. owners.
Reportable products are passive products related to: depository
accounts, custodial accounts and debt or equity instruments held at the
FFI, life insurance contracts with cash value or annuities, among others.
Each FFI is responsible for identifying reportable products.
Each FFI is responsible for complying with reporting requirements
within the deadlines established by the regulations for each type of
client.
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7.2.7. Counterparties
Counterparties should be understood as all third parties through which
FATCA-impacted transactions and/or transactions related to FATCA-
impacted products are completed (e.g., brokers, dealers, banks,
brokerage firms, custodians, among others). In general, FATCA-
impacted transactions are all those that may involve payments subject
to withholding.
FFIs may only make investments in the United States (directly or
indirectly) through counterparties that:
- Are FATCA compliant (and are FFIs).
- Are incorporated in the U.S.
- Are incorporated in a country that has signed an IGA.
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If Intercorp Peru Ltd. or one of the FFIs that make up its EAG constitutes
its own fund, the FATCA Corporate Compliance Officer must be notified.
All funds under FATCA are FFIs regardless of whether they have legal
status.
The FATCA Corporate Compliance Officer must determine whether the
acquired companies qualify as an FFI.
All new own funds and new companies that qualify as FFIs must be
registered with the IRS by the Lead FFI as members of the EAG.
In the event that any FFI registered with the IRS is sold, liquidated or
deregistered, the FATCA Corporate Compliance Officer must be
notified. The Lead FFI must update the IRS registration with the
deregistration.
The purpose of this Insider Trading Policy and Procedures (the "Policy") of Intercorp
Financial Services Inc. ("IFS" which, together with its subsidiaries Banco
Internacional de Perú S.A.A. ("Interbank"),, Interseguro Compañía de Seguros de
Vida S.A. ("Interseguro") and Inteligo Group Corp. ("Inteligo"), and any subsidiary of
such subsidiaries, herein referred to as the "Organization" or the "Subsidiaries"
(excluding IFS), is to define the restrictions and procedures applicable to the
purchase and/or sale of securities of the Organization (the "Organization’s
Securities") by persons with access to Material Information or Privileged
Information (as defined in Appendix 1. Glossary) relating to the Organization. The
Policy has been developed to support the Organization and its employees in order
to avoid any risk of violating applicable securities market regulations in force.
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The Chief Compliance Officer (CCO) shall maintain a central registry with a
current listing of all Covered Persons, who have been identified and
designated as such by the respective Compliance Officers of the
Organization. Each Compliance Officer shall identify and designate the
Covered Persons in his/her respective subsidiary and provide this list to the
CCO.
Board of Directors
Approve and oversee compliance with insider trading policies.
Approve or implement the necessary actions to prevent insider
trading.
Approve penalties proposed by the CCO for non-compliance
with insider trading policies.
Compliance Officer
Review and identify any risk of non-compliance with insider
trading policies for timely communication to the CCO.
Recommend to the CCO the measures that, in his/her judgment,
should be taken in the event of possible abusive or unfair use of
privileged information.
Share insider trading policies with all employees of the
subsidiary.
Conduct a quarterly review of compliance with the policy and
report the results to the CCO.
Validate that Covered Persons have signed the certificate
stating that they have read and understood the terms of the
insider trading policies.
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Employees
Company Information
All Covered Persons may have access, indirectly or in the normal course of
their work with the Organization, to information on the financial results or
the financial situation or other plans of the Organization, which are not yet
in the public domain. Such person is obliged not to use this privileged
position for his/her own direct or indirect benefit, or that of third parties.
Thus, such person is responsible for understanding this Policy and following
its guidelines.
Certificate
A copy of the insider trading policy will be provided to all directors, officers,
employees and persons or entities outside the Organization identified and
designated as Covered Persons. The recipient shall sign an
acknowledgement that he/she has read and understands the terms of the
insider trading policies. The original signed Certificate must be sent to the
IFS CCO by the Compliance Officer of the relevant subsidiary.
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All Covered Persons shall exercise the utmost care to preserve the
confidentiality of such information. Any person with access to
Privileged Information who "leaks" it to another person will be equally
liable as the person who receives the privileged information and
misuses it.
In order to reduce the possibility that Privileged Information may be
inadvertently disclosed:
Covered Persons shall refrain from discussing information
related to the Organization in public places where someone
could overhear these conversations.
Covered Persons shall treat Material Information and/or
Privileged Information as confidential and should not discuss it
with anyone else who does not have a "need to know" the
information for legitimate business purposes.
Employees who become aware of any leakage of Privileged
Information, inadvertently or otherwise, must immediately
report such breach to the IFS CCO.
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access, using separate servers for computer files and/or regularly deleting
all electronic information related to the subject, as necessary. Ethical barrier
procedures established for a particular topic should be communicated in
writing to affected individuals. Employees considering the need to establish
an ethical barrier in a given situation should consult with the Compliance
Officer of the subsidiary where they work.
The request for the formation of an ethical barrier shall be reported to the
IFS CCO by the Compliance Officer of the subsidiary receiving the request.
Before initiating any transaction with the Organization’s Securities, IFS and
subsidiary persons with access to Privileged Information must submit to the
IFS CCO a request for approval. Requests for approval must be submitted
by e-mail. If a transaction is approved, but trading does not occur within two
(2) business days of the approval date, a new request for approval must be
submitted. The Compliance Officer of each subsidiary shall channel the
respective pre-approval requests to the IFS CCO. All approvals will be
granted by the IFS CCO.
Black-Out Periods
At the end of each quarter and within the deadlines established in the
applicable regulations, the Organization will release to the market its
financial performance results. The Organization has established what it calls
a "black-out period" for Covered Persons who may have access to this
information in the performance of their duties. Even if the Organization is
not in a black-out period, no Covered Person may purchase or sell any of the
Organization’s Securities if he/she is in possession of Privileged Information.
Black-out periods will apply from the beginning of the first day following the
last month of each fiscal quarter (i.e., beginning on January 1, April 1, July 1,
and October 1 of each year) up to and including two full trading days
following the public release of the quarterly or annual financial results of IFS
or its subsidiaries, as applicable.
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Any IFS and subsidiary persons with access to Privileged Information who
have questions about the black-out periods should contact the Compliance
Officer of the subsidiary where they work or provide services or the IFS CCO.
IFS and subsidiary persons with access to Privileged Information are also
prohibited from engaging in the following transactions with the
Organization's Securities:
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This policy reflects the general principles and rules of the Anti-Corruption Program
of IFS and its subsidiaries as defined by IFS Group internal standards and initiatives,
including the IFS Anti-Corruption Policy ("Anti-Corruption Policy").
The guidelines and minimum standards of conduct contained in this policy apply to
stakeholders working at or for IFS or any of its subsidiaries. This includes directors,
employees, temporary or contract staff, and all third parties (suppliers, business
partners, among others) acting on behalf of IFS or its subsidiaries.
IFS expect its shareholders, investors and other interested parties, when acting on
behalf of, representing or for the benefit of the IFS Group, to uphold the principles
and rules of the Anti-Corruption Program.
7.4.2. Responsibilities
IFS and its subsidiaries shall promote and comply with the Anti-Corruption
Program. Subsidiaries may implement policies and procedures specific to
their risks and needs based on the guidelines set forth in this Corporate
Policy and the IFS Anti-Corruption Policy, which may be more robust, but no
less stringent.
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7.4.3. Guidelines
The Anti-Corruption Program provides the following guidelines to be
followed by IFS and its subsidiaries:
A. General Guidelines
All those subject to the Anti-Corruption Program shall not offer,
promise, give or accept (directly or indirectly) any improper
advantage, bribe, benefit or other thing of value on behalf of or for
the benefit of the IFS Group to any other person (including public
officials) or entity with the intention of obtaining an illegal advantage
of any kind.
For further details on this matter, including aspects of what is
considered valuable, improper solicitation, definition of public
officials, bribery, among others, please refer to the Anti-Corruption
Policy.
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K. Non-Compliance Reporting
Any employee or third party who has knowledge, suspicions of non-
compliance or inappropriate behavior in violation of the Anti-
Corruption Program is obliged to report it.
IFS and its subsidiaries will maintain a whistleblower hotline for
reporting violations as defined in the Anti-Corruption Policy.
In addition, IFS and its subsidiaries reject any retaliation against
whistleblowers who in good faith have made a report of non-
compliance. In this regard, it protects employees and third parties
against retaliation.
L. Penalties
Breaches of anti-corruption laws and the Anti-Corruption Program by
IFS and its subsidiaries are considered very serious and are therefore
subject to disciplinary and corrective measures in accordance with the
provisions of the Anti-Corruption Policy.
8. Monitoring
IFS and its subsidiaries shall regularly conduct monitoring processes of the controls in place
to assess compliance with corporate policies.
This monitoring must be done at least at the frequency established by the regulations
relevant to the place of operation.
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a) Failure to comply with national Compliance regulations and the guidelines described in
this policy.
b) Employees incurring in willful blindness, i.e., becoming aware of potential non-
compliance with this Policy and not reporting it through the available reporting
channels.
c) Taking any kind of retaliation against those who provide information about acts that
infringe this Policy.
d) Any act intended to mislead and/or hinder investigations into potential non-compliance
with the Compliance program.
e) Unjustified non-attendance of mandatory Compliance Program training.
The disciplinary measures to be applied will be defined by the Compliance Officer of the
subsidiary in coordination with his/her Human Resources team, and reported to the CCO.
These measures may take into account:
IFS and its subsidiaries shall develop a manual defining the policies, responsibilities and
penalties to be applied in case of non-compliance with any of the rules. They shall also have
a whistleblower hotline, which shall be managed by the area designated by senior
management. This area shall manage the complaints, safeguarding the confidentiality of the
whistleblower.
12. Questions
Questions about any of the provisions or procedures in this document should be sent by e-
mail to the CCO/CCO, compliance mailbox or to the e-mail address of the compliance officer
assigned to each IFS subsidiary.
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Annex 1. Glossary
An NFFE that engages in non-financial activities and that less than 50% of its income for
the last calendar year is passive and less than 50% of its weighted average assets
generate passive income.
Anti-Money Laundering.
Annuity
Cash Value
- Is payable under a life insurance contract to any person upon surrender, delivery,
cancellation; or,
- Any person entitled to such amount during the insurance contract.
Existing Clients
New Clients
Employee
“Employee” shall have the definition assigned in the Code of Ethics and Standards of
Business Conduct.
An affiliated group, consisting of all companies that qualify as FFIs in which the same
owner owns more than a 50% beneficial interest in each (even if no voting or
management rights are held).
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Regulations issued by the IRS to prevent tax evasion. It includes new compliance
regulations related to accounts or investments outside the U.S. by its citizens and
residents.
Any payment that is fixed, determinable, annual or periodic. For example, dividend
payments, interest payments, coupons, etc.
Financial Account
Financial Account. This refers to depositary accounts, custodial accounts and debt or
equity instruments held at a financial institution, life insurance contracts with cash value
or annuities, among others.
Hold Mail
An agreement between the U.S. government or the IRS with a foreign government to
implement or facilitate the implementation of FATCA.
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Material Information
"Material Information" shall mean any act, decision, agreement, fact, ongoing
negotiation or information relating to the Organization, the Securities or its business
that:
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Privileged Information
All material information relating to the Organization shall be disclosed only through
regular disclosure channels so that all persons interested in the Organization and its
values have, to the extent possible, fair and timely access to such information. A person
who has knowledge of Material Information may not attempt to "beat the market" by
trading securities simultaneously with, or shortly after, the official disclosure of such
information.
Information may generally be deemed to have been absorbed and evaluated by the
public markets two (2) days after the information has been publicly disclosed. If an
announcement is made after the close of business, for example, on a Friday, trading will
not be permitted until the following Wednesday, at the earliest.
Until this procedure has been followed, information will be deemed "not released to
the public". The fact that the information may appear in a specialized publication or in
an announcement made by a client, supplier, manufacturing or joint venture partner,
competitor or government agency is not sufficient. Insider trading is not made lawful by
the fact that material information is conveyed through rumors or other unofficial
statements in the press or in the marketplace. When employees become aware of
rumors or other unofficial statements about the Organization, the IFS CCO should be
notified immediately so that a determination can be made as to whether to take steps
for appropriate and broad public disclosure of any information that is material.
In addition to information related to the Organization that has not been publicly
disclosed, it must be assumed that proprietary information includes confidential
analyses, financial information, business data and plans, as well as information received
from a client or third party with the expectation that it will be held in confidence and
used only for business purposes.
It should also be noted that under Peruvian regulations, information intended for
release to the general public is not considered to have been publicly disclosed when it
has only been disclosed by the Organization at a general shareholders' meeting, board
of directors meeting or similar meeting or if it has been disclosed by the Organization
to a committee, group of investors, analysts, or other participants.
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U.S. government agency responsible for tax collection and compliance with U.S. tax
laws.
Client knowledge.
Model 1 IGA
Model agreement between the IRS and a foreign government, in which the FFI will
report to domestic regulatory authorities.
Model 2 IGA
Model agreement between the IRS and a foreign government, in which the FFI will
report to the IRS.
Non-U.S. Person
Shareholders,” who own more than a 10% interest and are themselves U.S. citizens or
residents, of an NFFE classified as Passive.
A financial institution incorporated outside the U.S. and its territories that is not FATCA
compliant.
Passive NFFE
A Financial Institution incorporated outside the U.S. and its territories that is FATCA
compliant.
Recalcitrant
- Natural persons with U.S. Indicia who failed to provide sufficient evidence proving
their U.S. Person or Non-U.S. Person status;
- The account holder fails to provide a valid W-9 form or provides an incorrect TIN
and name combination;
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An FFI that meets the requirements of the procedure described in paragraph (f)(1)(ii) of
the regulations, or is described in any of paragraphs (f)(1)(i)(A) through (F) of the
regulations or is treated as a Registered Deemed Compliant FFI under a Model 2 IGA. A
Registered Deemed Compliant FFI also includes any FFI, or branch of an FFI, that is a
Model 1 that meets the registration requirements of a Model 1 IGA.
- Register with the IRS in accordance with the procedures established by the IRS and
commit to the terms of the status of a registered deemed compliant;
- Its certifying officer certifies every three years to the IRS, either individually or
collectively for an expanded affiliated group of the FFI, that all requirements for the
category have been met as of December 31, 2013;
- Maintain in its records IRS confirmation of the FFI's registration as a deemed-
compliant FFI and GIIN or such other information as the IRS may specify;
- Agree to notify the IRS if there is any change in circumstances that would make the
FFI ineligible for deemed-compliant status. To do so, it must correct it within six
months of the change in information.
Shareholders of an entity, who own more than a 10% interest and who are U.S. citizens
or residents.
U.S. Account
Any financial account held by an FFI that is owned by one or more U.S. persons or U.S.
foreign entities.
U.S. Indicia
Indicia in basic client information that could indicate that a client is a U.S. Person:
- U.S. citizenship/nationality
- U.S. place of birth
- U.S. address (of any kind)
- U.S. telephone number (regarding the country code).
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U.S. Person
W-9
Form issued by the IRS that is used by U.S. Persons for their TIN.
Waiver
A document certified by the IRS that must be signed by those individuals identified as a
U.S. Person to authorize the PFFI to report such individuals to the IRS.
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