UK Expands Info-Exchange Obligations for Financial Institutions

The UK is updating its rules for the automatic exchange of information to require more due diligence and reporting by financial institutions.

The updated rules implement UK amendments to the OECD’s Common Reporting Standard to add the new obligations and bring electronic money institutions and certain e-money projects under the rules’ scope, His Majesty’s Revenue & Customs said Wednesday.

Financial institutions are required to report information on accounts and investments maintained for people who are tax residents in other jurisdictions with which the UK has information-exchange agreements, to help prevent tax evasion.

• Registration will be mandatory for reporting financial institutions ...