Hong Kong Updates Guidance for Financial Institutions

The Inland Revenue Department of the Government of Hong Kong released updated versions of Chapters 11 and 12 of the Guidance for Financial Institutions. The changes include the procedures that reporting financial institutions must apply.

Background: Guidance for Financial Institutions

This Guidance is intended to aid financial institutions in complying with their obligations. It contains the Department’s views on the due diligence procedures required by the Common Reporting Standard of the Organisation for Economic Co-operation and Development (OECD). While every effort is made to ensure that the information given in this Guidance is accurate, it is not a legal document. It is also important for financial institutions to make reference to the materials published by the OECD at the Automatic Exchange Portal, the Inland Revenue informed.

New Updates

Chapters 11 and 12 of the Guidance for Financial Institutions have been updated to include the procedures that reporting financial institutions must apply in respect of entity accounts, if there is a change of circumstances that causes the financial institutions to have reason to know that the self-certification or other documentation associated with the account is incorrect or unreliable.

Sources: Guidance for Financial Institutions

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