If an account is regarded as an equally held joint account, such as a joint bond, each person is regarded as a controlling person* of that account.
Where an account is jointly held the balance or value in the account will be attributed in full to each controlling person of the joint account should that those persons be Foreign Account Tax Compliance Act (FATCA) or Common Reporting Standard (CRS) reportable.
Where one of the controlling persons of this joint account is a US person*, or has tax obligations, tax liabilities, or tax residencies outside the country of onboarding (reportable person), the full balance of the joint account will be reported under the name of the reportable person* to the relevant tax authority.
If an account is jointly held by an individual and an entity, the financial institution* (FI) that maintains the account will need to apply the due diligence requirements separately to both the individual and the entity in relation to that account. The FI would need to identify the controlling person of the entity that is the joint account holder*.
*For any defined terms please see the Table of terms and definitions.
