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  • 61B
  • Account Holder
  • Active Non-Financial Entity (Active NFE)
  • Affiliated Entity
  • AML
  • Automatic Exchange of Information (AEOI)
  • CAA
  • CBDT
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  • Controlled foreign corporation (CFC)
  • Custodial Institution
  • Controlling Persons
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  • CRS Indicia
  • Depository Institution
  • Entity
  • Established Securities Market
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  • Financial Account
  • GIIN
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  • KYC
  • Non-Financial Entity
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  • Non-Passive Income
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  • Passive Non-Financial Entity (Passive NFE)
  • Reportable Account
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  • Self-certification Form
  • Tax Regulations
  • Tax Residency
  • TIEA - Tax Information Exchange Agreement
  • TIN
  • TIN equivalent
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  • US Indicia
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  • US Person
Glossary Terms
KYC

Know Your Customer

Every financial Institution has to know the details of the customer at the time of opening the account and at frequent intervals so as to ensure that their transactions are genuine. KYC standards are designed to protect financial institutions against fraud, corruption, money laundering and terrorist financing. KYC involves several steps to: establish customer identity & address, understand the nature of customers' activities and qualify that the source of funds is legitimate; .

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