South Korea issued amendments to the FATCA and CRS regulations

July 20, 2020 – On July 7, 2020, South Korea issued amendments to the FATCA and CRS regulations.

Amendments to the FATCA regulations include the following:

  • Updated the definitions of Financial Account and Deposit Accounts to address non-transferable bonds and capital or debt shares traded on a financial market (Article 16, 17, 34.2, 34.6 and 34.9);
  • Clarified the obligation to review customer representatives for high value existing personal accounts (Article 65 and 66);
  • Updated section on establishment of the list of Financial Institution (FI) for implementation, related to sponsored organizations (Article 13);
  • Updated the list of Reporting Jurisdiction by adding six jurisdictions namely Albania, Ecuador, Kazakhstan, Maldives, Oman and Peru (Annex 3);
  • Updated the definitions of Financial Account and Deposit Accounts to address non-transferable bonds and capital or debt shares traded on a financial market (Article 11, 12, 30.2, 30.6 and 30.9); and
  • Clarified the obligation to review customer representatives for high value existing personal accounts (Article 62 and 64).

For more information, please visit CBC.



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