3.—(1) In these Regulations, unless the context otherwise requires —
“active NFE” has the same meaning as “Active NFE” in sub‑paragraph D(9) of section VIII of the CRS;
“AML/KYC procedures” has the same meaning as “AML/KYC Procedures” in sub‑paragraph E(2) of section VIII of the CRS;
“annuity contract” has the same meaning as “Annuity Contract” in sub‑paragraph C(6) of section VIII of the CRS;
“cash value insurance contract” has the same meaning as “Cash Value Insurance Contract” in sub‑paragraph C(7) of section VIII of the CRS;
“controlling persons” has the same meaning as “Controlling Persons” in sub‑paragraph D(6) of section VIII of the CRS;
“depository account” has the same meaning as “Depository Account” in sub‑paragraph C(2) of section VIII of the CRS;
“entity” has the same meaning as “Entity” in sub‑paragraph E(3) of section VIII of the CRS;
“financial asset” has the same meaning as “Financial Asset” in sub‑paragraph A(7) of section VIII of the CRS;
“new entity account” has the same meaning as “New Entity Account” in sub‑paragraph C(16) of section VIII of the CRS;
“NFE” has the same meaning as in sub‑paragraph D(7) of section VIII of the CRS;
“passive NFE” has the same meaning as “Passive NFE” in sub‑paragraph D(8) of section VIII of the CRS;
“pre‑existing entity account” has the same meaning as “Preexisting Entity Account” in sub‑paragraph C(13) of section VIII of the CRS;
“pre‑existing individual account” has the same meaning as “Preexisting Individual Account” in sub‑paragraph C(11) of section VIII of the CRS;
“reportable account” has the same meaning as “Reportable Account” in sub‑paragraph D(1) of section VIII of the CRS;
“reportable person” has the same meaning as “Reportable Person” in sub‑paragraph D(2) of section VIII of the CRS.
[S 425/2020 wef 01/06/2020]
(2) In interpreting these Regulations, recourse is to be had to the CRS read with the Commentaries on the Common Reporting Standard as at 27 March 2017, which are developed and published by the Organisation for Economic Co-operation and Development, and available on the Internet website of the Inland Revenue Authority of Singapore at https://www.iras.gov.sg.