List of Approved KYC Rules
Revenue Procedure 2000-12 states that the IRS will not enter into a qualified intermediary (QI) withholding agreement that provides for the use of documentary evidence obtained under a country's know-your-customer rules if it has not received the know-your-customer practices and procedures for opening accounts and responses to 18 specific questions listed in the revenue procedure.
This document lists those countries that have submitted know-your-customer rules and those rules have been approved.
The qualified intermediary agreement contains an attachment that lists the specific types of know-your-customer documentary evidence for each country that is sufficient for purposes of the qualified intermediary agreement. The IRS is working together with the organizations that have submitted acceptable know-your-customer rules to develop standardized attachments. The attachments can be seen here as soon as they are available. For more information, see Rev. Proc. 2000-12, Announcement 2000-48 and Notice 2006-35.
If a country is on the approved list, entities and branches located in that country may submit their QI applications. Once a specific attachment has been developed for a particular country, the IRS will associate the attachment with the qualified intermediary agreement it sends for signature. A qualified intermediary may suggest amendments to the attachment, but departures from the standardized attachment may delay processing of an application.
To determine whether the know-your-customer rules that have been submitted to the IRS cover a particular QI applicant, the applicant should look to the specific country attachment. For example, in some countries, different rules apply to banks and brokers. A QI applicant that is a bank or a broker should verify that the know-your-customer rules that have been submitted cover all the rules applicable to that applicant.
For more information, you may contact KYC Coordinator, Tom McGrath, QI Compliance Specialist, QI Program, 290 Broadway, New York, New York 10007, phone: 212-298-2187, fax: 212-298-2106, e-mail: Tom.McGrath@irs.gov.
- Andorra (Rev.January 2007)
Austria (Rev. January 2004)
Barbados (Rev. January 2004)
- British Virgin Islands
- Canada (Rev. January 2012)
- Cayman Islands
- Curacao and St. Maarten (Rev. November 2002)
Cyprus (Rev. October 2010)
- Czech Republic
France (Rev. January 2004)
Germany (Rev. January 2004)
Greece (Rev. August 2010)
- Hong Kong
- Ireland (Rev. November 2002)
- Isle of Man
- Liechtenstein (Rev. August 2002)
- Portugal (Rev. April 2007)
- Saint Vincent and The Grenadines
- Slovakia (Slovak Republic)
- Sweden (Rev. December 2002)
- Switzerland (Rev. November 2002)
- The Republic of China (Taiwan)
- The Republic of Croatia
- Turks and Caicos Islands
- United Arab Emirates
o United Arab Emirates - Non-IFSC
o Dubai - IFSC
- United Kingdom