Financial Crime World

Slovenian Financial Administration Unveils FAQs on AEOI Due Diligence for Reporting Financial Institutions

The Slovenian Financial Administration has released Frequently Asked Questions (FAQs) to clarify the Automatic Exchange of Financial Account Information (AEOI) due diligence procedures for reporting financial institutions (RFIs). The FAQ aims to provide insight into the obligations of RFIs in submitting Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS) reports, with examples included to aid understanding.

Key Highlights

  • Provides clarification on AEOI due diligence procedures for reporting financial institutions
  • Covers guidelines on reporting period, document submissions, and residence address test
  • Includes information on CRS statements requested by insurance companies and statements required for individual accounts
  • Explains types of accounts and information necessary for reporting purposes
  • Describes reporting obligations for different account holders (entities, individuals, and certain trusts)

Reporting Obligations

Reporting Period

The FAQ provides guidance on the reporting period for RFIs, including:

  • The start and end dates of the reporting period
  • The types of information required to be reported during this period

Document Submissions

The FAQ covers document submissions for specified cases, including:

  • Examples of documents required for reporting purposes
  • Guidelines for submitting these documents to the Slovenian Financial Administration

Residence Address Test

The FAQ provides clarification on the residence address test, including:

  • The criteria used to determine an individual’s residence address
  • How this information is used in AEOI reporting

CRS Statements

The FAQ includes information on CRS statements requested by insurance companies and statements required for individual accounts, including:

  • Examples of CRS statements required from insurance companies
  • Guidelines for submitting these statements to the Slovenian Financial Administration

Types of Accounts and Information

The FAQ explains the types of accounts and information necessary for reporting purposes, including:

  • The different types of financial accounts that must be reported
  • The information required to be reported about each account

Reporting Obligations by Account Holder

Entities

The FAQ describes the reporting obligations for entities, including:

  • The types of information required to be reported about entity accounts
  • Guidelines for submitting these reports to the Slovenian Financial Administration

Individuals and Certain Trusts

The FAQ explains the reporting obligations for individuals and certain trusts, including:

  • The types of information required to be reported about individual and trust accounts
  • Guidelines for submitting these reports to the Slovenian Financial Administration

Conclusion

The release of these FAQs is expected to provide RFIs in Slovenia with a clearer understanding of their AEOI due diligence procedures, ultimately ensuring compliance with international tax regulations.