The Rule 114F has been expanded to include provisions relating to central bank digital currencies, specified electronic money products, and relevant crypto assets. Depository accounts are now defined to include accounts representing electronic money products or central bank digital currencies held for customers. It recognizes “qualified non-profit entities” and prescribes conditions for their classification. Further, financial assets for reporting purposes may include interests in relevant crypto-assets.
— Rule 114G has been amended to strengthen reporting obligations of financial institutions. Reporting financial institutions must now maintain and report additional information, including whether valid self-certification has been provided, whether an account is a joint account and the number of joint account holders, and the role through which a person qualifies as a controlling person of an entity. It must also report the type of account and whether it is pre-existing or new.
— Rule 114H has been amended to revise due diligence procedures, define timelines for identifying reportable accounts, and allow use of pre-existing account procedures where self-certification cannot be obtained immediately.