Indicia Searching

During the Indicia Searching process, the application checks for the presence of indicia prescribed by US-IRS and OECD for the identification of Reportable accounts in the source data submitted to the application.

For FATCA reportable Individuals:

1. US Citizenship
2. US Residential Address
3. US Birth Place
4. US Telephone Number
5. US Mailing Address
6. US Hold mail Address
7. Standing Instruction to US Account
8. Power of Attorney in favor of a person with US Address

For FATCA reportable Entities:

1. US Place of Incorporation
2. US Residential Address
3. US Telephone Number
4. US Mailing Address
5. US Hold mail Address
6. Standing Instruction to US Account
7. Power of Attorney in favor of a person with US Address

For CRS reportable Individuals:

1. Identification of the Account Holder as a resident of a Reportable Jurisdiction
2. Current Residence address
3. Current Mailing address
4. Current or most recent telephone number in a reportable jurisdiction and no Indian Telephone
5. Current standing instructions to repeatedly transfer funds to an account maintained in a Reportable Jurisdiction(s)
6. Currently effective power of attorney or signatory authority granted to a person with an address in a Reportable Jurisdiction(s)
7. Current “hold mail” instruction or “in-care-of” address in a Reportable Jurisdiction(s)

For CRS reportable Entities:

1. Place of incorporation or organization (for most taxable entities)
2. Address (for fiscally transparent entities excluding trusts)

During Indicia Checking, the application verifies the presence of Indicia of Non-Domestic Account Holders in various input data elements like Citizenship, Birth Place, Residence, Place of Incorporation of the Entity, etc., and logs the information.

US/CRS Indicia Checking:

The system checks for the presence of US/CRS indicia in the data and marks those account holders having US indicia in data fields like residential_country_code, birth_country_code, citizenship.

US/CRS Indicia Cure:

For those account holders having US Indicia, the system checks for the availability of documents/self-certification to decide on the actual tax residency status in this process.

FATCA/CRS Status Assignment Process:

During this process, the system assigns proper FATCA/CRS Status for all the accounts.

Data/records meant for documentation/remediation could be brought to a manageable level by short-listing the accounts having indicia. Mails or other communication (along with self-certification) forms can be sent to the reportable account holders for submission of due diligence details. RFIs can also make use of digital mediums (online/mobile submission) wherever the account holders have recorded their mobile phone numbers with the RFI. It is possible that an account holder displaying indicia may certify that he/she is tax resident in India. Such documents/declarations shall be preserved properly, and an audit trail on who changed the status within the banking system is available/traceable in the application.