Arrangements for identification of reportable accounts

(1) A reporting financial institution shall establish and maintain an arrangement designed to identify reportable accounts maintained by the financial institution. (2) The arrangement shall Mutual Administrative Assistance (a) identify each jurisdiction in which an account holder or a controlling person is resident for income tax or business tax purposes or for the purposes of any tax imposed by the law of the jurisdiction that is of a similar character of either of those taxes; (b) apply the due diligence procedures set out in the Standard; and (c) ensure that any information obtained in accordance with this Act or a record of the steps taken to comply with this Act in respect of a financial account is kept for six years from the end of the year to which the information relates or during which the steps were taken.