CRS Guidance Notes

Contents

1. Background

1. 1.1. General Information

2. 1.2. Core Documents

3. 1.3. Scope of KSA CRS Guidance

4. 1.4. Purpose of Guidance Notes

2. Financial Institutions

1. 2.1. Introduction & Overview

2. 2.2. KSA Financial Institutions

3. 2.3. Dual Tax Residency

4. 2.4. Fiscally Transparent Entities

5. 2.5. Subsidiaries and Branches

6. 2.6. Non-Reporting KSA Financial Institutions

7. 2.7. Reporting KSA Financial Institution

8. 2.8. Related Entities

9. 2.9. Custodial Institution

10. 2.10. Depository Institution

11. 2.11. Investment Entity

12. 2.12. Specified Insurance Company

13. 2.13. Non-Reporting Financial Institution

3. Non-Financial Entities

1. 3.1. Active NFE

2. 3.2. Passive NFE

3. 3.3. Stock

4. 3.4. Established Securities Market

5. 3.5. Related Entity

6. 3.6. Regularly Traded

7. 3.7. Subsidiary

8. 3.8. "Substantially All" Test

9. 3.9. Passive Income

4. Financial Accounts

1. 4.1. Introduction

2. 4.2. Reportable Accounts

3. 4.3. Financial Accounts

4. 4.4. Excluded Accounts

5. 4.5. Account Holders of Financial Accounts

   1. 4.5.1. Trusts, Estates and Awqaf Funds

   2. 4.5.2. Sole Proprietorships

   3. 4.5.3. Partnerships

   4. 4.5.4. Joint Accounts

   5. 4.5.5. Cash Value Insurance Contracts and Annuity Contracts

   6. 4.5.6. Joint Life Second Death Cash Value Insurance Contracts

6. 4.6. Treatment of Other Types of Accounts as Financial Accounts

   1. 4.6.1. Undesignated/Designated Accounts

   2. 4.6.2. Execution Brokers

   3. 4.6.3. Segregated Accounts

   4. 4.6.4. Placing Agents

   5. 4.6.5. Dormant Accounts

   6. 4.6.6. Rollovers

   7. 4.6.7. Syndicated Loans

   8. 4.6.8. Shareholdings and Debenture/Loan Stock Holdings

   9. 4.6.9. Electronic Money (E-money)

5. Overarching Due Diligence

1. 5.1. General Requirements

2. 5.2. Identification Process

3. 5.3. Clarifications to Account Holders

4. 5.4. Self-Certification

5. 5.5. Reliance on Self-Certification and Documentary Evidence

6. 5.6. Limits on Reasons to Know

7. 5.7. Change in Circumstances

8. 5.8. Tax Identification Numbers (TINs)

9. 5.9. Acceptable Documentary Evidence

10. 5.10. Third Party Service Providers

11. 5.11. Document Sharing

12. 5.12. Aggregation

13. 5.13. Currency Conversion

14. 5.14. Mergers or Bulk Acquisitions of Accounts

15. 5.15. Information Maintained for Regulatory or Account Holder Relationship Purposes

16. 5.16. Special Cases

6. Due Diligence (Pre-existing Individual Customer)

1. 6.1. Introduction

2. 6.2. Timing of Review

7. New Individual Accounts

1. 7.1. Due Diligence of New Individual Account Holders

2. 7.2. Collection of a Self-Certification Form

3. 7.3. Determining Whether Account Holder is a Reportable Person

4. 7.4. Accounts Held by Beneficiaries of a Cash Value Insurance Contract that is a Life Insurance Contract

5. 7.5. Reliance on the Self-Certification Form and Documentary Evidence

8. Due Diligence (Pre-existing Entity Customer)

1. 8.1. Introduction

2. 8.2. Threshold Exemptions that Apply to Pre-existing Entity Accounts

3. 8.3. Reportable Accounts

4. 8.4. Pre-existing Entity Account Classification Process

5. 8.5. Timing of Reviews

6. 8.6. Change of Circumstances

7. 8.7. Account Closures

8. 8.8. Information in Possession/Publicly Available Information

9. New Entity Accounts