Agreement between the Government of the United States of America and the 

Government of the Republic of Moldova for Cooperation to Facilitate the 

Implementation of FATCA

Whereas, the Government of the United States of America and the Government of the 

Republic of Moldova (each, a “Party,” and together, the “Parties”) desire to conclude an 

agreement to improve their cooperation in combating international tax evasion;

Whereas, the United States of America enacted provisions commonly known as the Foreign 

Account Tax Compliance Act (“FATCA”), which introduce a reporting regime for financial 

institutions with respect to certain accounts;

Whereas, the Government of the Republic of Moldova is supportive of the underlying policy 

goal of FATCA to improve tax compliance;

Whereas, FATCA has raised a number of issues, including that the Republic of Moldova

financial institutions may not be able to comply with certain aspects of FATCA due to 

domestic legal impediments;

Whereas, intergovernmental cooperation to facilitate FATCA implementation would address 

these issues and reduce burdens for the Republic of Moldova financial institutions;

Whereas, the Parties desire to conclude an agreement to provide for cooperation to facilitate 

the implementation of FATCA based on direct reporting by the Republic of Moldova financial 

institutions to the U.S. Internal Revenue Service, supplemented by the exchange of 

information upon request, subject to the confidentiality and other protections provided for 

herein, including the provisions limiting the use of the information exchanged;

Now, therefore, the Parties have agreed as follows:

Article 1

Definitions

1. For purposes of this agreement and any annexes thereto (“Agreement”), the following 

terms shall have the meanings set forth below:

(a) The term “United States” means the United States of America, including the 

States thereof, but does not include the U.S. Territories. Any reference to a 

“State” of the United States includes the District of Columbia. 

(b) The term “U.S. Territory” means American Samoa, the Commonwealth of the 

Northern Mariana Islands, Guam, the Commonwealth of Puerto Rico, or the 

U.S. Virgin Islands.

(c) The term “IRS” means the U.S. Internal Revenue Service.

(d) The term “Republic of Moldova” means Republic of Moldova.

(e) The term “Partner Jurisdiction” means a jurisdiction that has in effect an 
agreement with the United States to facilitate the implementation of FATCA. 

The IRS shall publish a list identifying all Partner Jurisdictions.

(f) The term “Competent Authority” means:

1) in the case of the United States, the Secretary of the Treasury or his 

delegate; and

2) in the case of the Republic of Moldova, the Main State Tax Service.

(g) The term “Financial Institution” means a Custodial Institution, a Depository 

Institution, an Investment Entity, or a Specified Insurance Company.

(h) The term “Foreign Reportable Amount” means, in accordance with relevant 

U.S. Treasury Regulations, a payment of fixed or determinable annual or 

periodical income that would be a withholdable payment if it were from 

sources within the United States.

(i) The term “Custodial Institution” means any Entity that holds, as a substantial 

portion of its business, financial assets for the account of others. An entity 

holds financial assets for the account of others as a substantial portion of its 

business if the entity’s gross income attributable to the holding of financial 

assets and related financial services equals or exceeds 20 percent of the entity’s 

gross income during the shorter of: (i) the three-year period that ends on 

December 31 (or the final day of a non-calendar year accounting period) prior 

to the year in which the determination is being made; or (ii) the period during 

which the entity has been in existence.

(j) The term “Depository Institution” means any Entity that accepts deposits in 

the ordinary course of a banking or similar business. 

(k) The term “Investment Entity” means any Entity that conducts as a business 

(or is managed by an entity that conducts as a business) one or more of the 

following activities or operations for or on behalf of a customer:

1) trading in money market instruments (cheques, bills, certificates of 

deposit, derivatives, etc.); foreign exchange; exchange, interest rate and 

index instruments; transferable securities; or commodity futures

trading;

2) individual and collective portfolio management; or

3) otherwise investing, administering, or managing funds or money on 

behalf of other persons.

This subparagraph 1(k) shall be interpreted in a manner consistent with similar 

language set forth in the definition of “financial institution” in the Financial 

Action Task Force Recommendations.

(l) The term “Specified Insurance Company” means any Entity that is an 

insurance company (or the holding company of an insurance company) that 
issues, or is obligated to make payments with respect to, a Cash Value 

Insurance Contract or an Annuity Contract.

(m) The term “Republic of Moldova Financial Institution” means (i) any 

Financial Institution organized under the laws of the Republic of Moldova, but

excluding any branch of such Financial Institution that is located outside the 

Republic of Moldova, and (ii) any branch of a Financial Institution not 

organized under the laws of the Republic of Moldova, if such branch is located 

in the Republic of Moldova.

(n) The term “Partner Jurisdiction Financial Institution” means (i) any 

Financial Institution established in a Partner Jurisdiction, but excluding any 

branch of such Financial Institution that is located outside the Partner 

Jurisdiction, and (ii) any branch of a Financial Institution not established in the 

Partner Jurisdiction, if such branch is located in the Partner Jurisdiction.

(o) The term “Reporting Republic of Moldova Financial Institution” means any 

Republic of Moldova Financial Institution that is not a Non-Reporting 

Republic of Moldova Financial Institution.

(p) The term “Non-Reporting Republic of Moldova Financial Institution”

means any Republic of Moldova Financial Institution, or other Entity resident 

in the Republic of Moldova, that is described in Annex II as a Non-Reporting 

Republic of Moldova Financial Institution or that otherwise qualifies as a 

deemed-compliant FFI or an exempt beneficial owner under relevant U.S. 

Treasury Regulations.

(q) The term “Nonparticipating Financial Institution” means a nonparticipating 

FFI, as that term is defined in relevant U.S. Treasury Regulations, but does not 

include a Republic of Moldova Financial Institution or other Partner 

Jurisdiction Financial Institution other than a Financial Institution treated as a 

Nonparticipating Financial Institution pursuant to paragraph 2 of Article 4 of 

this Agreement or the corresponding provision in an agreement between the 

United States and a Partner Jurisdiction.

(r) The term “New Account” means a Financial Account opened by a Reporting 

Republic of Moldova Financial Institution on or after July 1, 2014.

(s) The term “U.S. Account” means a Financial Account maintained by a 

Reporting Republic of Moldova Financial Institution and held by one or more 

Specified U.S. Persons or by a Non-U.S. Entity with one or more Controlling 

Persons that is a Specified U.S. Person. Notwithstanding the foregoing, an 

account shall not be treated as a U.S. Account if such account is not identified 

as a U.S. Account after application of the due diligence procedures in Annex I.

(t) The term “Non-Consenting U.S. Account” means a Financial Account 

maintained by a Reporting Republic of Moldova Financial Institution as of 

June 30, 2014 with respect to which (i) a Reporting Republic of Moldova

Financial Institution has determined that it is a U.S. Account in accordance 

with the due diligence procedures in Annex I, (ii) the laws of the Republic of 

Moldova prohibit the reporting required under an FFI Agreement absent 
consent of the Account Holder, (iii) the Reporting Republic of Moldova

Financial Institution has sought, but was unable to obtain, the required consent 

to report or the Account Holder’s U.S. TIN; and (iv) the Reporting Republic of 

Moldova Financial Institution has reported, or was required to report, 

aggregate account information to the IRS as prescribed under sections 1471 to 

1474 of the U.S. Internal Revenue Code and relevant U.S. Treasury 

Regulations.

(u) The term “Financial Account” has the meaning set forth in relevant U.S. 

Treasury Regulations, but does not include any account that is excluded from 

the definition of Financial Account in Annex II.

(v) The term “FFI Agreement” means an agreement that sets forth the 

requirements, consistent with this Agreement, for the Reporting Republic of 

Moldova Financial Institution to be treated as complying with the requirements 

of section 1471(b) of the U.S. Internal Revenue Code. 

(w) The term “Account Holder” means the person listed or identified as the holder 

of a Financial Account by the Financial Institution that maintains the account. 

A person, other than a Financial Institution, holding a Financial Account for 

the benefit or account of another person as agent, custodian, nominee, 

signatory, investment advisor, or intermediary, is not treated as holding the 

account for purposes of this Agreement, and such other person is treated as 

holding the account. For purposes of the immediately preceding sentence, the 

term “Financial Institution” does not include a Financial Institution organized 

or incorporated in a U.S. Territory. In the case of a Cash Value Insurance 

Contract or an Annuity Contract, the Account Holder is any person entitled to 

access the Cash Value or change the beneficiary of the contract. If no person 

can access the Cash Value or change the beneficiary, the Account Holder is any 

person named as the owner in the contract and any person with a vested 

entitlement to payment under the terms of the contract. Upon the maturity of a 

Cash Value Insurance Contract or an Annuity Contract, each person entitled to 

receive a payment under the contract is treated as an Account Holder.

(x) The terms “Cash Value Insurance Contract” and “Annuity Contract” have 

the meanings set forth in relevant U.S. Treasury Regulations.

(y) The term “U.S. Person” means a U.S. citizen or resident individual, a 

partnership or corporation organized in the United States or under the laws of 

the United States or any State thereof, a trust if (i) a court within the United 

States would have authority under applicable law to render orders or judgments 

concerning substantially all issues regarding administration of the trust, and (ii) 

one or more U.S. persons have the authority to control all substantial decisions 

of the trust, or an estate of a decedent that is a citizen or resident of the United 

States. This subparagraph 1(y) shall be interpreted in accordance with the U.S. 

Internal Revenue Code.

(z) The term “Specified U.S. Person” means a U.S. Person, other than: (i) a 

corporation the stock of which is regularly traded on one or more established 

securities markets; (ii) any corporation that is a member of the same expanded 

affiliated group, as defined in section 1471(e)(2) of the U.S. Internal Revenue 
Code, as a corporation described in clause (i); (iii) the United States or any 

wholly owned agency or instrumentality thereof; (iv) any State of the United 

States, any U.S. Territory, any political subdivision of any of the foregoing, or 

any wholly owned agency or instrumentality of any one or more of the 

foregoing; (v) any organization exempt from taxation under section 501(a) of 

the U.S. Internal Revenue Code or an individual retirement plan as defined in 

section 7701(a)(37) of the U.S. Internal Revenue Code; (vi) any bank as 

defined in section 581 of the U.S. Internal Revenue Code; (vii) any real estate 

investment trust as defined in section 856 of the U.S. Internal Revenue Code; 

(viii) any regulated investment company as defined in section 851 of the U.S. 

Internal Revenue Code or any entity registered with the U.S. Securities and 

Exchange Commission under the Investment Company Act of 1940 (15 U.S.C. 

80a-64); (ix) any common trust fund as defined in section 584(a) of the U.S. 

Internal Revenue Code; (x) any trust that is exempt from tax under section 

664(c) of the U.S. Internal Revenue Code or that is described in section 

4947(a)(1) of the U.S. Internal Revenue Code; (xi) a dealer in securities, 

commodities, or derivative financial instruments (including notional principal 

contracts, futures, forwards, and options) that is registered as such under the 

laws of the United States or any State; (xii) a broker as defined in section 

6045(c) of the U.S. Internal Revenue Code; or (xiii) any tax-exempt trust under 

a plan that is described in section 403(b) or section 457(g) of the U.S. Internal 

Revenue Code. 

(aa) The term “Entity” means a legal person or a legal arrangement such as a trust. 

(bb) The term “Non-U.S. Entity” means an Entity that is not a U.S. Person.

(cc) An Entity is a “Related Entity” of another Entity if either Entity controls the 

other Entity, or the two Entities are under common control. For this purpose, 

control includes direct or indirect ownership of more than 50 percent of the 

vote or value in an Entity. Notwithstanding the foregoing, the Republic of 

Moldova may treat an Entity as not a Related Entity of another Entity if the 

two Entities are not members of the same expanded affiliated group as defined 

in section 1471(e)(2) of the U.S. Internal Revenue Code.

(dd) The term “U.S. TIN” means a U.S. federal taxpayer identifying number.

(ee) The term “Controlling Persons” means the natural persons who exercise 

control over an Entity. In the case of a trust, such term means the settlor, the 

trustees, the protector (if any), the beneficiaries or class of beneficiaries, and 

any other natural person exercising ultimate effective control over the trust, 

and in the case of a legal arrangement other than a trust, such term means 

persons in equivalent or similar positions. The term “Controlling Persons” 

shall be interpreted in a manner consistent with the Financial Action Task 

Force Recommendations.

2. Any term not otherwise defined in this Agreement shall, unless the context otherwise 

requires or the Competent Authorities agree to a common meaning (as permitted by domestic 

law), have the meaning that it has at that time under the law of the Party applying this

Agreement, any meaning under the applicable tax laws of that Party prevailing over a 

meaning given to the term under other laws of that Party.
Article 2

Reporting and Exchange of Information

1. Directive to the Republic of Moldova Financial Institutions. the Republic of 

Moldova shall direct and enable all Reporting Republic of Moldova Financial Institutions to:

a) register on the IRS FATCA registration website with the IRS by July 1, 2014, and 

comply with the requirements of an FFI Agreement, including with respect to due 

diligence, reporting, and withholding;

b) with respect to Financial Accounts maintained by Reporting Republic of Moldova

Financial Institutions as of June 30, 2014 identified as U.S. Accounts,

(i) request from each Account Holder the Account Holder’s U.S. TIN and 

consent to report and simultaneously inform the Account Holder in writing

that, if the U.S. TIN and consent are not given, (1) aggregate information 

about the account shall be reported to the IRS, (2) information about the 

account may give rise to a group request by the IRS for specific 

information about the account, (3) in such case, the account information 

shall be transmitted to the Republic of Moldova tax administration, and (4) 

the Republic of Moldova tax administration may exchange this information 

with the IRS in accordance with paragraph 2 of this Article;

(ii) report annually to the IRS, in the time and manner required by an FFI 

Agreement and relevant U.S. Treasury Regulations, the aggregate 

information required with respect to Non-Consenting U.S. Accounts;

c) with respect to accounts of, or obligations to, Nonparticipating Financial 

Institutions that exist as of June 30, 2014, and in connection with which the 

Reporting Republic of Moldova Financial Institution expects to pay a Foreign 

Reportable Amount,

(i) with respect to calendar years 2015 and 2016, request from each such 

Nonparticipating Financial Institution the Nonparticipating Financial 

Institution’s consent to report and simultaneously inform the 

Nonparticipating Financial Institution in writing that, if such consent is not 

given, (1) aggregate information about Foreign Reportable Amounts paid 

to the Nonparticipating Financial Institution shall be reported to the IRS, 

(2) such information may give rise to a group request by the IRS for 

specific information about the account or obligation, (3) in such case, the

information about the account or obligation shall be transmitted to the 

Republic of Moldova tax administration, and (4) the Republic of Moldova

tax administration may exchange this information with the IRS in 

accordance with paragraph 2 of this Article;

(ii) with respect to calendar years 2015 and 2016, report to the IRS the number 

of non-consenting Nonparticipating Financial Institutions to which Foreign 

Reportable Amounts were paid during the year and the aggregate value of 

all such payments no later than March 15 of the year following the year to 

which the information relates;
d) with respect to New Accounts identified as U.S. Accounts, obtain from each 

Account Holder consent to report, consistent with the requirements of an FFI 

Agreement, as a condition of account opening; and

e) with respect to new accounts opened by, or obligations entered into with, a 

Nonparticipating Financial Institution on or after July 1, 2014, and in connection 

with which the Reporting Republic of Moldova Financial Institution expects to pay 

a Foreign Reportable Amount, obtain from each such Nonparticipating Financial 

Institution consent to report, consistent with the requirements of an FFI 

Agreement, as a condition of opening the account, or entering into the obligation.

2. Exchange of Information.

a) In the context of FATCA implementation, the U.S. Competent Authority may make 

group requests to the Republic of Moldova Competent Authority based on the 

aggregate information reported to the IRS pursuant to the directive described in 

subparagraphs 1(b)(ii) and 1(c)(ii) of this Article, for all the information about 

Non-Consenting U.S. Accounts and Foreign Reportable Amounts paid to

Nonparticipating Financial Institutions that the Reporting Republic of Moldova

Financial Institution would have had to report under an FFI Agreement had it 

obtained consent.

b) The U.S. Competent Authority may also make follow-up requests to the Republic 

of Moldova Competent Authority for additional information with respect to a NonConsenting U.S. Account, including the account statements prepared in the 

ordinary course of the Reporting Republic of Moldova Financial Institution’s 

business that summarize the activity (including withdrawals, transfer, and 

closures) of the account.

c) The Republic of Moldova Competent Authority shall provide to the U.S. 

Competent Authority the information requested by the U.S. Competent Authority 

pursuant to subparagraphs 2(a) and 2(b) of this Article without regard to whether 

the Republic of Moldova Competent Authority needs such information for its own 

tax purposes or whether the information relates to the investigation of conduct that 

would constitute a crime under the laws of the Republic of Moldova if such 

conduct occurred in the Republic of Moldova. If the information in the possession 

of the Republic of Moldova Competent Authority is not sufficient to enable it to 

comply with the request for information, the Republic of Moldova Competent

Authority shall use all relevant information gathering measures to provide the U.S. 

Competent Authority with the information requested. Privileges under the laws 

and practices of the United States shall not apply in the execution of a request by 

the Republic of Moldova Competent Authority and the availability and application 

of any such privileges shall be solely the responsibility of the United States.

d) With respect to a group request from the U.S. Competent Authority described in 

subparagraph 2(a) of this Article, the Republic of Moldova Competent Authority 

shall, within six months of the receipt of the group request, provide the U.S. 

Competent Authority with all such requested information in the same format in 

which the information would have been reported if it had been reported directly to 

the IRS by the Reporting Republic of Moldova Financial Institution. The Republic 

of Moldova Competent Authority shall notify the U.S. Competent Authority and 
the relevant Reporting Republic of Moldova Financial Institution if there will be 

any delay in the exchange of the requested information. In such case, the 

provisions of subparagraph 2(b) of Article 3 of this Agreement shall apply with 

respect to the Reporting Republic of Moldova Financial Institution, and the 

Republic of Moldova Competent Authority must exchange the requested 

information with the U.S. Competent Authority as soon as possible.

e) Notwithstanding subparagraph 2(a) of this Article, the Republic of Moldova 

Competent Authority is not required to obtain and exchange the U.S. TIN of 

the Account Holder of a Non-Consenting U.S. Account if such U.S. TIN is not 

in the records of the Reporting Republic of Moldova Financial Institution. In 

such a case, the Republic of Moldova Competent Authority shall obtain and 

include in the exchanged information the date of birth of the relevant person, if 

the Reporting Republic of Moldova Financial Institution has such date of birth 

in its records.

f) Requests pursuant to subparagraphs 2(a) and 2(b) of this Article shall apply to 

information for the time period beginning on or after the date of signature of 

this Agreement.

Article 3

Application of FATCA to the Republic of Moldova Financial Institutions

1. Treatment of Reporting Republic of Moldova Financial Institutions. Subject to 

the provisions of paragraph 2 of Article 4 of this Agreement, each Reporting Republic of 

Moldova Financial Institution that registers with the IRS on the IRS FATCA registration 

website and complies with the terms of an FFI Agreement shall be treated as complying with 

the requirements of, and as not subject to withholding under, section 1471 of the U.S. Internal 

Revenue Code.

2. Suspension of Rules Relating to Non-Consenting U.S. Accounts. 

a) Subject to subparagraph 2(b) of this Article, the United States shall not require a 

Reporting Republic of Moldova Financial Institution to withhold tax under section 

1471 or 1472 of the U.S. Internal Revenue Code with respect to an account held by 

a recalcitrant account holder (as defined in section 1471(d)(6) of the U.S. Internal 

Revenue Code), or to close such account, if:

(i) the Reporting Republic of Moldova Financial Institution complies with the 

directives in paragraph 1 of Article 2 of this Agreement with respect to the 

account; and

(ii) the Republic of Moldova Competent Authority exchanges with the U.S. 

Competent Authority the requested information described in subparagraph 

2(a) of Article 2 of this Agreement within six months from the date of the 

receipt of such request.

b) If the condition of subparagraph 2(a)(ii) of this Article is not fulfilled, the 

Reporting Republic of Moldova Financial Institution shall be required to treat the 

account as held by a recalcitrant account holder as defined in relevant U.S. 
Treasury Regulations, including by withholding tax where required by those U.S. 

Treasury Regulations, beginning on the date that is six months after the date of the 

receipt of the request described in subparagraph 2(a) of Article 2 of this Agreement 

and ending on the date on which the Republic of Moldova Competent Authority 

exchanges the requested information with the U.S. Competent Authority.

3. Specific Treatment of the Republic of Moldova Retirement Plans. The United 

States shall treat as deemed-compliant FFIs or exempt beneficial owners, as appropriate, for 

purposes of sections 1471 and 1472 of the U.S. Internal Revenue Code, the Republic of 

Moldova retirement plans described in Annex II. For this purpose, a Republic of Moldova

retirement plan includes an Entity established or located in, and regulated by, the Republic of 

Moldova, or a predetermined contractual or legal arrangement, operated to provide pension or 

retirement benefits or earn income for providing such benefits under the laws of the Republic 

of Moldova and regulated with respect to contributions, distributions, reporting, sponsorship, 

and taxation. 

4. Identification and Treatment of Other Deemed Compliant FFIs and Exempt 

Beneficial Owners. The United States shall treat each Non-Reporting Republic of Moldova

Financial Institution as a deemed-compliant FFI or as an exempt beneficial owner, as 

appropriate, for purposes of section 1471 of the U.S. Internal Revenue Code.

5. Special Rules Regarding Related Entities and Branches That Are 

Nonparticipating Financial Institutions. If a Republic of Moldova Financial Institution,

that otherwise meets the requirements described in Article 2 of this Agreement or is described 

in paragraph 3 or 4 of this Article, has a Related Entity or branch that operates in a jurisdiction

that prevents such Related Entity or branch from fulfilling the requirements of a participating 

FFI or deemed-compliant FFI for purposes of section 1471 of the U.S. Internal Revenue Code

or has a Related Entity or branch that is treated as a Nonparticipating Financial Institution 

solely due to the expiration of the transitional rule for limited FFIs and limited branches under 

relevant U.S. Treasury Regulations, such Republic of Moldova Financial Institution shall

continue to be treated as a participating FFI, deemed-compliant FFI, or exempt beneficial 

owner, as appropriate, for purposes of section 1471 of the U.S. Internal Revenue Code, 

provided that:

a) the Republic of Moldova Financial Institution treats each such Related Entity or 

branch as a separate Nonparticipating Financial Institution and each such Related 

Entity or branch identifies itself to withholding agents as a Nonparticipating 

Financial Institution;

b) each such Related Entity or branch identifies its U.S. accounts and reports to the 

IRS the information with respect to those accounts as required under section 1471 

of the U.S. Internal Revenue Code to the extent permitted under the relevant laws 

pertaining to the Related Entity or branch; and

c) such Related Entity or branch does not specifically solicit U.S. accounts held by 

persons that are not resident in the jurisdiction where such Related Entity or

branch is located or accounts held by Nonparticipating Financial Institutions that 

are not established in the jurisdiction where such Related Entity or branch is 

located, and such Related Entity or branch is not used by the Republic of Moldova

Financial Institution or any other Related Entity to circumvent the obligations 
under this Agreement or under section 1471 of the U.S. Internal Revenue Code, as 

appropriate.

6. Coordination of Definitions with U.S. Treasury Regulations. Notwithstanding 

Article 1 of this Agreement and the definitions provided in the Annexes to this Agreement, in 

implementing this Agreement, the Republic of Moldova may use, and may permit the 

Republic of Moldova Financial Institutions to use, a definition in relevant U.S. Treasury 

Regulations in lieu of a corresponding definition in this Agreement, provided that such 

application would not frustrate the purposes of this Agreement.

Article 4

Verification and Enforcement

1. Minor and Administrative Errors. Consistent with the terms of an FFI Agreement, 

the U.S. Competent Authority may make an inquiry directly to a Reporting Republic of 

Moldova Financial Institution where it has reason to believe that administrative errors or other 

minor errors may have led to incorrect or incomplete information reporting inconsistent with 

the requirements of an FFI Agreement.

2. Significant Non-Compliance. The U.S. Competent Authority shall notify the 

Republic of Moldova Competent Authority when the U.S. Competent Authority has 

determined that there is significant non-compliance with the requirements of an FFI 

Agreement or this Agreement with respect to a Reporting Republic of Moldova Financial 

Institution. If the non-compliance is not resolved within a period of 12 months after 

notification of significant non-compliance is first provided by the U.S. Competent Authority, 

the United States shall treat the Reporting Republic of Moldova Financial Institution as a 

Nonparticipating Financial Institution pursuant to this paragraph 2. 

3. Competent Authority Consultation. The Competent Authorities of the Republic of 

Moldova and the United States may consult on notified cases of significant non-compliance 

pursuant to paragraph 2 of this Article.

4. Reliance on Third Party Service Providers. In accordance with the provisions of an

FFI Agreement and relevant U.S. Treasury Regulations, Reporting Republic of Moldova

Financial Institutions may use third party service providers to fulfill the requirements of an

FFI Agreement, but these requirements shall remain the responsibility of the Reporting 

Republic of Moldova Financial Institutions.

Article 5

Consistency in the Application of FATCA to Partner Jurisdictions

1. The Republic of Moldova shall be granted the benefit of any more favorable terms 

under Article 3 or Annex I of this Agreement relating to the application of FATCA to the 

Republic of Moldova Financial Institutions afforded to another Partner Jurisdiction under a 

signed bilateral agreement pursuant to which the other Partner Jurisdiction commits to 

undertake the same obligations as the Republic of Moldova described in Article 2 of this 

Agreement, and subject to the same terms and conditions as described therein and in Articles 

4, 5, 8, and 9 of this Agreement. 

2. The United States shall notify the Republic of Moldova of any such more favorable 

terms, and such more favorable terms shall apply automatically under this Agreement as if 
such terms were specified in this Agreement and effective as of the date of signing of the 

agreement incorporating the more favorable terms, unless the Republic of Moldova declines 

in writing the application thereof. 

Article 6

Mutual Agreement Procedure

1. Where difficulties or doubts arise between the Parties regarding the implementation, 

application, or interpretation of this Agreement, the Competent Authorities shall endeavor to 

resolve the matter by mutual agreement.

2. The Competent Authorities may adopt and implement procedures to facilitate the 

implementation of this Agreement.

3. The Competent Authorities may communicate with each other directly for purposes of 

reaching a mutual agreement under this Article.

Article 7

Confidentiality

1. The Republic of Moldova Competent Authority shall treat any information received 

from the United States pursuant to paragraph 2 of Article 2 and Article 4 of this Agreement as 

confidential and shall only disclose such information as may be necessary to carry out its 

obligations under this Agreement. Such information may be disclosed in connection with 

court proceedings related to the performance of the obligations of the Republic of Moldova

under this Agreement.

2. Information provided to the U.S. Competent Authority pursuant paragraph 2 of Article 

2 and Article 4 of this Agreement shall be treated as confidential and may be disclosed only to 

persons or authorities (including courts and administrative bodies) of the Government of the 

United States concerned with the assessment, collection, or administration of, the enforcement 

or prosecution in respect of, or the determination of appeals in relation to, U.S. federal taxes, 

or the oversight of such functions. Such persons or authorities shall use such information 

only for such purposes. Such persons may disclose the information in public court 

proceedings or in judicial decisions. The information may not be disclosed to any other 

person, entity, authority, or jurisdiction. Notwithstanding the foregoing, where the Republic 

of Moldova provides prior, written consent, the information may be used for purposes 

permitted under the provisions of a mutual legal assistance treaty in force between the Parties 

that allows for the exchange of tax information.

Article 8

Consultations and Amendments

1. In case any difficulties in the implementation or interpretation of this Agreement arise, 

either Party may, independently of the mutual agreement procedure described in paragraph 1 

of Article 6 of this Agreement, request consultations to develop appropriate measures to 

ensure the fulfillment of this Agreement. 

2. This Agreement may be amended by written mutual agreement of the Parties. Unless 

otherwise agreed upon, such an amendment shall enter into force through the same procedures 

as set forth in paragraph 1 of Article 10 of this Agreement.
Article 9

Annexes

The Annexes form an integral part of this Agreement.

Article 10

Term of Agreement

1. This Agreement shall enter into force on the date of the Republic of Moldova’s written 

notification to the United States that the Republic of Moldova has completed its necessary 

internal procedures for entry into force of this Agreement. 

2. Either Party may terminate this Agreement by giving notice of termination in writing

to the other Party. Such termination shall become effective on the first day of the month 

following the expiration of a period of 12 months after the date of the notice of termination.

3. If this Agreement is terminated, both Parties shall remain bound by the provisions of 

Article 7 of this Agreement with respect to any information obtained under this Agreement.

In witness whereof, the undersigned, being duly authorized thereto by their respective 

Governments, have signed this Agreement.

Done at _____, this __ day of _____, 20__ in duplicate in the English language. A Romanian 

language text shall be prepared which shall be considered equally authentic upon an exchange 

of diplomatic notes between the Parties confirming its conformity with the English language 

text.

FOR THE GOVERNMENT OF THE 

UNITED STATES OF AMERICA:

FOR THE GOVERNMENT OF THE 

REPUBLIC OF MOLDOVA:
ANNEX I

DUE DILIGENCE OBLIGATIONS FOR IDENTIFYING AND REPORTING ON U.S. 

ACCOUNTS AND ON PAYMENTS TO CERTAIN NONPARTICIPATING 

FINANCIAL INSTITUTIONS

I. General.

A. Reporting Republic of Moldova Financial Institutions must identify U.S. Accounts and accounts held by Nonparticipating Financial Institutions in accordance 

with the due diligence procedures contained in this Annex I.

B. For purposes of the Agreement,

1. All dollar amounts are in U.S. dollars and shall be read to include the 

equivalent in other currencies.

2. Except as otherwise provided herein, the balance or value of an account 

shall be determined as of the last day of the calendar year, or in the case of a 

Cash Value Insurance Contract or an Annuity Contract, as of the last day of the 

calendar year or the most recent contract anniversary date.

3. Subject to subparagraph E(1) of section II of this Annex I, an account 

shall be treated as a U.S. Account beginning as of the date it is identified as 

such pursuant to the due diligence procedures in this Annex I.

4. Unless otherwise provided, information with respect to a U.S. Account 

must be reported annually in the calendar year following the year to which the 

information relates.

C. As an alternative to the procedures described in each section of this Annex I, 

Reporting Republic of Moldova Financial Institutions may rely on the procedures described in relevant U.S. Treasury Regulations to establish whether an account is a U.S. 

Account or an account held by a Nonparticipating Financial Institution, except that if 

an account is treated as held by a recalcitrant account holder under procedures described in relevant U.S. Treasury Regulations, such account shall be treated as a U.S. 

Account for purposes of this Agreement. Reporting Republic of Moldova Financial 

Institutions may make such election separately for each section of this Annex I either 

with respect to all relevant Financial Accounts or, separately, with respect to any clearly identified group of such accounts (such as by line of business or the location of 

where the account is maintained). Except as otherwise provided in an FFI Agreement, 

once a Reporting Republic of Moldova Financial Institution has chosen to rely on the 

procedures in relevant U.S. Treasury Regulations with respect to any group of accounts, such Reporting Republic of Moldova Financial Institution must continue to 

apply such procedures consistently in all subsequent years, unless there has been a material modification to relevant U.S. Treasury Regulations. 

II. Preexisting Individual Accounts. The following rules and procedures apply for purposes of identifying U.S. Accounts among Preexisting Accounts held by individuals (“Preexisting Individual Accounts”).

A. Accounts Not Required to Be Reviewed, Identified, or Reported. Unless 
the Reporting Republic of Moldova Financial Institution elects otherwise, either with 

respect to all Preexisting Individual Accounts or, separately, with respect to any clearly 

identified group of such accounts, the following Preexisting Individual Accounts are 

not required to be reviewed, identified, or reported as U.S. Accounts:

1. Subject to subparagraph E(2) of this section, a Preexisting Individual 

Account with a balance or value that does not exceed $50,000 as of June 30, 

2014.

2. Subject to subparagraph E(2) of this section, a Preexisting Individual 

Account that is a Cash Value Insurance Contract or an Annuity Contract with a 

balance or value of $250,000 or less as of June 30, 2014.

3. A Preexisting Individual Account that is a Cash Value Insurance Contract or an Annuity Contract, provided the law or regulations of the Republic of 

Moldova or the United States effectively prevent the sale of such a Cash Value 

Insurance Contract or an Annuity Contract to U.S. residents (e.g., if the relevant Financial Institution does not have the required registration under U.S. 

law, and the law of the Republic of Moldova requires reporting or withholding 

with respect to insurance products held by residents of the Republic of Moldova).

4. A Depository Account with a balance of $50,000 or less.

B. Review Procedures for Preexisting Individual Accounts With a Balance or 

Value as of June 30, 2014, that Exceeds $50,000 ($250,000 for a Cash Value Insurance Contract or Annuity Contract), But Does Not Exceed $1,000,000 (“Lower 

Value Accounts”).

1. Electronic Record Search. The Reporting Republic of Moldova Financial Institution must review electronically searchable data maintained by 

the Reporting Republic of Moldova Financial Institution for any of the following U.S. indicia:

a) Identification of the Account Holder as a U.S. citizen or resident;

b) Unambiguous indication of a U.S. place of birth;

c) Current U.S. mailing or residence address (including a U.S. post 

office box);

d) Current U.S. telephone number;

e) Standing instructions to transfer funds to an account maintained 

in the United States;

f) Currently effective power of attorney or signatory authority 

granted to a person with a U.S. address; or

g) An “in-care-of” or “hold mail” address that is the sole address 

the Reporting Republic of Moldova Financial Institution has on file for 
the Account Holder. In the case of a Preexisting Individual Account 

that is a Lower Value Account, an “in-care-of” address outside the 

United States or “hold mail” address shall not be treated as U.S. indicia. 

2. If none of the U.S. indicia listed in subparagraph B(1) of this section are 

discovered in the electronic search, then no further action is required until there 

is a change in circumstances that results in one or more U.S. indicia being associated with the account, or the account becomes a High Value Account described in paragraph D of this section.

3. If any of the U.S. indicia listed in subparagraph B(1) of this section are 

discovered in the electronic search, or if there is a change in circumstances that 

results in one or more U.S. indicia being associated with the account, then the 

Reporting Republic of Moldova Financial Institution must treat the account as 

a U.S. Account unless it elects to apply subparagraph B(4) of this section and 

one of the exceptions in such subparagraph applies with respect to that account.

4. Notwithstanding a finding of U.S. indicia under subparagraph B(1) of 

this section, a Reporting Republic of Moldova Financial Institution is not required to treat an account as a U.S. Account if:

a) Where the Account Holder information unambiguously indicates 

a U.S. place of birth, the Reporting Republic of Moldova Financial Institution obtains, or has previously reviewed and maintains a record of:

(1) A self-certification that the Account Holder is neither a 

U.S. citizen nor a U.S. resident for tax purposes (which may be 

on an IRS Form W-8 or other similar agreed form);

(2) A non-U.S. passport or other government-issued identification evidencing the Account Holder’s citizenship or nationality in a country other than the United States; and

(3) A copy of the Account Holder’s Certificate of Loss of 

Nationality of the United States or a reasonable explanation of: 

(a) The reason the Account Holder does not have such a 

certificate despite relinquishing U.S. citizenship; or

(b) The reason the Account Holder did not obtain U.S. 

citizenship at birth.

b) Where the Account Holder information contains a current U.S. 

mailing or residence address, or one or more U.S. telephone numbers 

that are the only telephone numbers associated with the account, the 

Reporting Republic of Moldova Financial Institution obtains, or has 

previously reviewed and maintains a record of:

(1) A self-certification that the Account Holder is neither a 

U.S. citizen nor a U.S. resident for tax purposes (which may be 

on an IRS Form W-8 or other similar agreed form); and
(2) Documentary evidence, as defined in paragraph D of section VI of this Annex I, establishing the Account Holder’s nonU.S. status.

c) Where the Account Holder information contains standing instructions to transfer funds to an account maintained in the United 

States, the Reporting Republic of Moldova Financial Institution obtains, or has previously reviewed and maintains a record of:

(1) A self-certification that the Account Holder is neither a 

U.S. citizen nor a U.S. resident for tax purposes (which may be 

on an IRS Form W-8 or other similar agreed form); and

(2) Documentary evidence, as defined in paragraph D of section VI of this Annex I, establishing the Account Holder’s nonU.S. status.

d) Where the Account Holder information contains a currently effective power of attorney or signatory authority granted to a person 

with a U.S. address, has an “in-care-of” address or “hold mail” address that is the sole address identified for the Account Holder, or has 

one or more U.S. telephone numbers (if a non-U.S. telephone number 

is also associated with the account), the Reporting Republic of Moldova Financial Institution obtains, or has previously reviewed and maintains a record of:

(1) A self-certification that the Account Holder is neither a 

U.S. citizen nor a U.S. resident for tax purposes (which may be 

on an IRS Form W-8 or other similar agreed form); or

(2) Documentary evidence, as defined in paragraph D of section VI of this Annex I, establishing the Account Holder’s nonU.S. status.

C. Additional Procedures Applicable to Preexisting Individual Accounts That 

Are Lower Value Accounts.

1. Review of Preexisting Individual Accounts that are Lower Value Accounts for U.S. indicia must be completed by June 30, 2016. 

2. If there is a change of circumstances with respect to a Preexisting Individual Account that is a Lower Value Account that results in one or more U.S. 

indicia described in subparagraph B(1) of this section being associated with the 

account, then the Reporting Republic of Moldova Financial Institution must 

treat the account as a U.S. Account unless subparagraph B(4) of this section 

applies.

3. Except for Depository Accounts described in subparagraph A(4) of this 

section, any Preexisting Individual Account that has been identified as a U.S. 

Account under this section shall be treated as a U.S. Account in all subsequent 

years, unless the Account Holder ceases to be a Specified U.S. Person.
D. Enhanced Review Procedures for Preexisting Individual Accounts With a 

Balance or Value That Exceeds $1,000,000 as of June 30, 2014, or December 31 of 

2015 or Any Subsequent Year (“High Value Accounts”).

1. Electronic Record Search. The Reporting Republic of Moldova Financial Institution must review electronically searchable data maintained by 

the Reporting Republic of Moldova Financial Institution for any of the U.S. indicia described in subparagraph B(1) of this section.

2. Paper Record Search. If the Reporting Republic of Moldova Financial Institution’s electronically searchable databases include fields for, and capture all of the information described in, subparagraph D(3) of this section, then 

no further paper record search is required. If the electronic databases do not 

capture all of this information, then with respect to a High Value Account, the 

Reporting Republic of Moldova Financial Institution must also review the current customer master file and, to the extent not contained in the current customer master file, the following documents associated with the account and obtained by the Reporting Republic of Moldova Financial Institution within the 

last five years for any of the U.S. indicia described in subparagraph B(1) of this 

section:

a) The most recent documentary evidence collected with respect to 

the account;

b) The most recent account opening contract or documentation;

c) The most recent documentation obtained by the Reporting Republic of Moldova Financial Institution pursuant to AML/KYC Procedures or for other regulatory purposes;

d) Any power of attorney or signature authority forms currently in 

effect; and

e) Any standing instructions to transfer funds currently in effect.

3. Exception Where Databases Contain Sufficient Information. A Reporting Republic of Moldova Financial Institution is not required to perform 

the paper record search described in subparagraph D(2) of this section if the 

Reporting Republic of Moldova Financial Institution’s electronically searchable information includes the following:

a) The Account Holder’s nationality or residence status;

b) The Account Holder’s residence address and mailing address 

currently on file with the Reporting Republic of Moldova Financial Institution;

c) The Account Holder’s telephone number(s) currently on file, if 

any, with the Reporting Republic of Moldova Financial Institution; 
d) Whether there are standing instructions to transfer funds in the 

account to another account (including an account at another branch of 

the Reporting Republic of Moldova Financial Institution or another Financial Institution);

e) Whether there is a current “in-care-of” address or “hold mail” 

address for the Account Holder; and

f) Whether there is any power of attorney or signatory authority for 

the account. 

4. Relationship Manager Inquiry for Actual Knowledge. In addition to 

the electronic and paper record searches described above, the Reporting Republic of Moldova Financial Institution must treat as a U.S. Account any High 

Value Account assigned to a relationship manager (including any Financial Accounts aggregated with such High Value Account) if the relationship manager 

has actual knowledge that the Account Holder is a Specified U.S. Person.

5. Effect of Finding U.S. Indicia.

a) If none of the U.S. indicia listed in subparagraph B(1) of this 

section are discovered in the enhanced review of High Value Accounts 

described above, and the account is not identified as held by a Specified 

U.S. Person in subparagraph D(4) of this section, then no further action 

is required until there is a change in circumstances that results in one or 

more U.S. indicia being associated with the account.

b) If any of the U.S. indicia listed in subparagraph B(1) of this section are discovered in the enhanced review of High Value Accounts described above, or if there is a subsequent change in circumstances that 

results in one or more U.S. indicia being associated with the account, 

then the Reporting Republic of Moldova Financial Institution must treat 

the account as a U.S. Account unless it elects to apply subparagraph 

B(4) of this section and one of the exceptions in such subparagraph applies with respect to that account.

c) Except for Depository Accounts described in subparagraph A(4) 

of this section, any Preexisting Individual Account that has been identified as a U.S. Account under this section shall be treated as a U.S. Account in all subsequent years, unless the Account Holder ceases to be a 

Specified U.S. Person. 

E. Additional Procedures Applicable to High Value Accounts.

1. If a Preexisting Individual Account is a High Value Account as of June 

30, 2014, the Reporting Republic of Moldova Financial Institution must complete the enhanced review procedures described in paragraph D of this section 

with respect to such account by June 30, 2015. If based on this review such 

account is identified as a U.S. Account on or before December 31, 2014, the 

Reporting Republic of Moldova Financial Institution must report the required 
information about such account with respect to 2014 in the first report on the 

account and on an annual basis thereafter. In the case of an account identified 

as a U.S. Account after December 31, 2014 and on or before June 30, 2015, the 

Reporting Republic of Moldova Financial Institution is not required to report 

information about such account with respect to 2014, but must report information about the account on an annual basis thereafter.

2. If a Preexisting Individual Account is not a High Value Account as of 

June 30, 2014, but becomes a High Value Account as of the last day of 2015 or 

any subsequent calendar year, the Reporting Republic of Moldova Financial 

Institution must complete the enhanced review procedures described in paragraph D of this section with respect to such account within six months after the 

last day of the calendar year in which the account becomes a High Value Account. If based on this review such account is identified as a U.S. Account, the 

Reporting Republic of Moldova Financial Institution must report the required 

information about such account with respect to the year in which it is identified 

as a U.S. Account and subsequent years on an annual basis, unless the Account 

Holder ceases to be a Specified U.S. Person.

3. Once a Reporting Republic of Moldova Financial Institution applies the 

enhanced review procedures described in paragraph D of this section to a High 

Value Account, the Reporting Republic of Moldova Financial Institution is not 

required to re-apply such procedures, other than the relationship manager inquiry described in subparagraph D(4) of this section, to the same High Value 

Account in any subsequent year.

4. If there is a change of circumstances with respect to a High Value Account that results in one or more U.S. indicia described in subparagraph B(1) 

of this section being associated with the account, then the Reporting Republic 

of Moldova Financial Institution must treat the account as a U.S. Account unless it elects to apply subparagraph B(4) of this section and one of the exceptions in such subparagraph applies with respect to that account.

5. A Reporting Republic of Moldova Financial Institution must implement 

procedures to ensure that a relationship manager identifies any change in circumstances of an account. For example, if a relationship manager is notified 

that the Account Holder has a new mailing address in the United States, the 

Reporting Republic of Moldova Financial Institution is required to treat the 

new address as a change in circumstances and, if it elects to apply subparagraph B(4) of this section, is required to obtain the appropriate documentation 

from the Account Holder.

F. Preexisting Individual Accounts That Have Been Documented for Certain 

Other Purposes. A Reporting Republic of Moldova Financial Institution that has 

previously obtained documentation from an Account Holder to establish the Account 

Holder’s status as neither a U.S. citizen nor a U.S. resident in order to meet its 

obligations under a qualified intermediary, withholding foreign partnership, or 

withholding foreign trust agreement with the IRS, or to fulfill its obligations under 

chapter 61 of Title 26 of the United States Code, is not required to perform the 

procedures described in subparagraph B(1) of this section with respect to Lower Value 

Accounts or subparagraphs D(1) through D(3) of this section with respect to High 
Value Accounts.

III. New Individual Accounts. The following rules and procedures apply for purposes of

identifying U.S. Accounts among Financial Accounts held by individuals and opened on or 

after July 1, 2014 (“New Individual Accounts”).

A. Accounts Not Required to Be Reviewed, Identified, or Reported. Unless 

the Reporting Republic of Moldova Financial Institution elects otherwise, either with 

respect to all New Individual Accounts or, separately, with respect to any clearly identified group of such accounts, the following New Individual Accounts are not required 

to be reviewed, identified, or reported as U.S. Accounts:

1. A Depository Account unless the account balance exceeds $50,000 at 

the end of any calendar year. 

2. A Cash Value Insurance Contract unless the cash value exceeds $50,000 

at the end of any calendar year. 

B. Other New Individual Accounts. With respect to New Individual Accounts 

not described in paragraph A of this section, upon account opening (or within 90 days 

after the end of the calendar year in which the account ceases to be described in paragraph A of this section), the Reporting Republic of Moldova Financial Institution must 

obtain a self-certification, which may be part of the account opening documentation, 

that allows the Reporting Republic of Moldova Financial Institution to determine 

whether the Account Holder is resident in the United States for tax purposes (for this 

purpose, a U.S. citizen is considered to be resident in the United States for tax purposes, even if the Account Holder is also a tax resident of another jurisdiction) and confirm the reasonableness of such self-certification based on the information obtained by 

the Reporting Republic of Moldova Financial Institution in connection with the opening of the account, including any documentation collected pursuant to AML/KYC Procedures.

1. If the self-certification establishes that the Account Holder is resident in 

the United States for tax purposes, the Reporting Republic of Moldova Financial Institution must treat the account as a U.S. Account and obtain a selfcertification that includes the Account Holder’s U.S. TIN (which may be an 

IRS Form W-9 or other similar agreed form).

2. If there is a change of circumstances with respect to a New Individual 

Account that causes the Reporting Republic of Moldova Financial Institution 

to know, or have reason to know, that the original self-certification is incorrect 

or unreliable, the Reporting Republic of Moldova Financial Institution cannot 

rely on the original self-certification and must obtain a valid self-certification 

that establishes whether the Account Holder is a U.S. citizen or resident for 

U.S. tax purposes. If the Reporting Republic of Moldova Financial Institution 

is unable to obtain a valid self-certification, the Reporting Republic of Moldova Financial Institution must treat the account as a Non-Consenting U.S. Account.

IV. Preexisting Entity Accounts. The following rules and procedures apply for purposes 

of identifying U.S. Accounts and accounts held by Nonparticipating Financial Institutions 

among Preexisting Accounts held by Entities (“Preexisting Entity Accounts”).
A. Entity Accounts Not Required to Be Reviewed, Identified, or Reported. 

Unless the Reporting Republic of Moldova Financial Institution elects otherwise, either with respect to all Preexisting Entity Accounts or, separately, with respect to any 

clearly identified group of such accounts, a Preexisting Entity Account with an account balance or value that does not exceed $250,000 as of June 30, 2014, is not required to be reviewed, identified, or reported as a U.S. Account until the account balance or value exceeds $1,000,000. 

B. Entity Accounts Subject to Review. A Preexisting Entity Account that has an 

account balance or value that exceeds $250,000 as of June 30, 2014, and a Preexisting 

Entity Account that does not exceed $250,000 as of June 30, 2014 but the account balance or value of which exceeds $1,000,000 as of the last day of 2015 or any subsequent calendar year, must be reviewed in accordance with the procedures set forth in 

paragraph D of this section. 

C. Entity Accounts With Respect to Which Reporting Is Required. With respect to Preexisting Entity Accounts described in paragraph B of this section, only accounts that are held by one or more Entities that are Specified U.S. Persons, or by Passive NFFEs with one or more Controlling Persons who are U.S. citizens or residents,

shall be treated as U.S. Accounts. In addition, accounts held by Nonparticipating Financial Institutions shall be treated as accounts for which aggregate payments are required to be reported under an FFI Agreement.

D. Review Procedures for Identifying Entity Accounts With Respect to Which 

Reporting Is Required. For Preexisting Entity Accounts described in paragraph B of 

this section, the Reporting Republic of Moldova Financial Institution must apply the 

following review procedures to determine whether the account is held by one or more 

Specified U.S. Persons, by Passive NFFEs with one or more Controlling Persons who 

are U.S. citizens or residents, or by Nonparticipating Financial Institutions:

1. Determine Whether the Entity Is a Specified U.S. Person.

a) Review information maintained for regulatory or customer relationship purposes (including information collected pursuant to 

AML/KYC Procedures) to determine whether the information indicates 

that the Account Holder is a U.S. Person. For this purpose, information 

indicating that the Account Holder is a U.S. Person includes a U.S. 

place of incorporation or organization, or a U.S. address.

b) If the information indicates that the Account Holder is a U.S. 

Person, the Reporting Republic of Moldova Financial Institution must 

treat the account as a U.S. Account unless it obtains a self-certification 

from the Account Holder (which may be on an IRS Form W-8 or W-9, 

or a similar agreed form), or reasonably determines based on information in its possession or that is publicly available, that the Account 

Holder is not a Specified U.S. Person.

2. Determine Whether a Non-U.S. Entity Is a Financial Institution.

a) Review information maintained for regulatory or customer rela-
tionship purposes (including information collected pursuant to 

AML/KYC Procedures) to determine whether the information indicates 

that the Account Holder is a Financial Institution.

b) If the information indicates that the Account Holder is a Financial Institution, or the Reporting Republic of Moldova Financial Institution verifies the Account Holder’s Global Intermediary Identification 

Number on the published IRS FFI list, then the account is not a U.S. 

Account. 

3. Determine Whether a Financial Institution Is a Nonparticipating 

Financial Institution Payments to Which Are Subject to Aggregate Reporting Consistent with the Requirements of an FFI Agreement.

a) Subject to subparagraph D(3)(b) of this section, a Reporting Republic of Moldova Financial Institution may determine that the Account Holder is a Republic of Moldova Financial Institution or other 

Partner Jurisdiction Financial Institution if the Reporting Republic of 

Moldova Financial Institution reasonably determines that the Account 

Holder has such status on the basis of the Account Holder’s Global Intermediary Identification Number on the published IRS FFI list or other 

information that is publicly available or in the possession of the Reporting Republic of Moldova Financial Institution, as applicable. In such 

case, no further review, identification, or reporting is required with respect to the account.

b) If the Account Holder is a Republic of Moldova Financial Institution or other Partner Jurisdiction Financial Institution treated by the 

IRS as a Nonparticipating Financial Institution, then the account is not 

a U.S. Account, but payments to the Account Holder must be reported 

consistent with the requirements of an FFI Agreement.

c) If the Account Holder is not a Republic of Moldova Financial 

Institution or other Partner Jurisdiction Financial Institution, then the 

Reporting Republic of Moldova Financial Institution must treat the Account Holder as a Nonparticipating Financial Institution payments to 

which are reportable consistent with the requirements of an FFI 

Agreement, unless the Reporting Republic of Moldova Financial Institution:

(1) Obtains a self-certification (which may be on an IRS 

Form W-8 or similar agreed form) from the Account Holder that 

it is a certified deemed-compliant FFI, or an exempt beneficial 

owner, as those terms are defined in relevant U.S. Treasury 

Regulations; or

(2) In the case of a participating FFI or registered deemedcompliant FFI, verifies the Account Holder’s Global Intermediary Identification Number on the published IRS FFI list.

4. Determine Whether an Account Held by an NFFE Is a U.S. Account. With respect to an Account Holder of a Preexisting Entity Account that 
is not identified as either a U.S. Person or a Financial Institution, the Reporting 

Republic of Moldova Financial Institution must identify (i) whether the Account Holder has Controlling Persons, (ii) whether the Account Holder is a 

Passive NFFE, and (iii) whether any of the Controlling Persons of the Account 

Holder is a U.S. citizen or resident. In making these determinations the Reporting Republic of Moldova Financial Institution must follow the guidance in 

subparagraphs D(4)(a) through D(4)(d) of this section in the order most appropriate under the circumstances.

a) For purposes of determining the Controlling Persons of an Account Holder, a Reporting Republic of Moldova Financial Institution 

may rely on information collected and maintained pursuant to 

AML/KYC Procedures.

b) For purposes of determining whether the Account Holder is a 

Passive NFFE, the Reporting Republic of Moldova Financial Institution 

must obtain a self-certification (which may be on an IRS Form W-8 or 

W-9, or on a similar agreed form) from the Account Holder to establish 

its status, unless it has information in its possession or that is publicly 

available, based on which it can reasonably determine that the Account 

Holder is an Active NFFE.

c) For purposes of determining whether a Controlling Person of a 

Passive NFFE is a U.S. citizen or resident for tax purposes, a Reporting 

Republic of Moldova Financial Institution may rely on: 

(1) Information collected and maintained pursuant to 

AML/KYC Procedures in the case of a Preexisting Entity Account held by one or more NFFEs with an account balance or 

value that does not exceed $1,000,000; or

(2) A self-certification (which may be on an IRS Form W-8 

or W-9, or on a similar agreed form) from the Account Holder 

or such Controlling Person in the case of a Preexisting Entity 

Account held by one or more NFFEs with an account balance or 

value that exceeds $1,000,000. 

d) If any Controlling Person of a Passive NFFE is a U.S. citizen or 

resident, the account shall be treated as a U.S. Account.

E. Timing of Review and Additional Procedures Applicable to Preexisting Entity Accounts.

1. Review of Preexisting Entity Accounts with an account balance or value 

that exceeds $250,000 as of June 30, 2014 must be completed by June 30, 

2016.

2. Review of Preexisting Entity Accounts with an account balance or value 

that does not exceed $250,000 as of June 30, 2014, but exceeds $1,000,000 as 

of December 31 of 2015 or any subsequent year, must be completed within six 

months after the last day of the calendar year in which the account balance or 
value exceeds $1,000,000.

3. If there is a change of circumstances with respect to a Preexisting Entity 

Account that causes the Reporting Republic of Moldova Financial Institution 

to know, or have reason to know, that the self-certification or other documentation associated with an account is incorrect or unreliable, the Reporting Republic of Moldova Financial Institution must redetermine the status of the account 

in accordance with the procedures set forth in paragraph D of this section.

V. New Entity Accounts. The following rules and procedures apply for purposes of 

identifying U.S. Accounts and accounts held by Nonparticipating Financial Institutions among

Financial Accounts held by Entities and opened on or after July 1, 2014 (“New Entity Accounts”). 

A. Entity Accounts Not Required to Be Reviewed, Identified or Reported. 

Unless the Reporting Republic of Moldova Financial Institution elects otherwise, either with respect to all New Entity Accounts or, separately, with respect to any clearly 

identified group of such accounts, a credit card account or a revolving credit facility 

treated as a New Entity Account is not required to be reviewed, identified, or reported, 

provided that the Reporting Republic of Moldova Financial Institution maintaining 

such account implements policies and procedures to prevent an account balance owed 

to the Account Holder that exceeds $50,000.

B. Other New Entity Accounts. With respect to New Entity Accounts not described in paragraph A of this section, the Reporting Republic of Moldova Financial 

Institution must determine whether the Account Holder is: (i) a Specified U.S. Person; 

(ii) a Republic of Moldova Financial Institution or other Partner Jurisdiction Financial 

Institution; (iii) a participating FFI, a deemed-compliant FFI, or an exempt beneficial 

owner, as those terms are defined in relevant U.S. Treasury Regulations; or (iv) an Active NFFE or Passive NFFE. 

1. Subject to subparagraph B(2) of this section, a Reporting Republic of 

Moldova Financial Institution may determine that the Account Holder is an Active NFFE, a Republic of Moldova Financial Institution, or other Partner Jurisdiction Financial Institution if the Reporting Republic of Moldova Financial 

Institution reasonably determines that the Account Holder has such status on 

the basis of the Account Holder’s Global Intermediary Identification Number 

or other information that is publicly available or in the possession of the Reporting Republic of Moldova Financial Institution, as applicable. 

2. If the Account Holder is a Republic of Moldova Financial Institution or 

other Partner Jurisdiction Financial Institution treated by the IRS as a Nonparticipating Financial Institution, then the account is not a U.S. Account, but 

payments to the Account Holder must be reported consistent with the requirements of an FFI Agreement.

3. In all other cases, a Reporting Republic of Moldova Financial Institution must obtain a self-certification from the Account Holder to establish the 

Account Holder’s status. Based on the self-certification, the following rules 

apply:
a) If the Account Holder is a Specified U.S. Person, the Reporting 

Republic of Moldova Financial Institution must treat the account as a 

U.S. Account.

b) If the Account Holder is a Passive NFFE, the Reporting Republic of Moldova Financial Institution must identify the Controlling Persons as determined under AML/KYC Procedures, and must determine 

whether any such person is a U.S. citizen or resident on the basis of a 

self-certification from the Account Holder or such person. If any such 

person is a U.S. citizen or resident, the Reporting Republic of Moldova

Financial Institution must treat the account as a U.S. Account.

c) If the Account Holder is: (i) a U.S. Person that is not a Specified 

U.S. Person; (ii) subject to subparagraph B(3)(d) of this section, a Republic of Moldova Financial Institution or other Partner Jurisdiction 

Financial Institution; (iii) a participating FFI, a deemed-compliant FFI, 

or an exempt beneficial owner, as those terms are defined in relevant 

U.S. Treasury Regulations; (iv) an Active NFFE; or (v) a Passive NFFE 

none of the Controlling Persons of which is a U.S. citizen or resident, 

then the account is not a U.S. Account, and no reporting is required 

with respect to the account.

d) If the Account Holder is a Nonparticipating Financial Institution 

(including a Republic of Moldova Financial Institution or other Partner 

Jurisdiction Financial Institution treated by the IRS as a Nonparticipating Financial Institution), then the account is not a U.S. Account, but 

payments to the Account Holder must be reported consistent with the 

requirements of an FFI Agreement.

VI. Special Rules and Definitions. The following additional rules and definitions apply 

in implementing the due diligence procedures described above:

A. Reliance on Self-Certifications and Documentary Evidence. A Reporting 

Republic of Moldova Financial Institution may not rely on a self-certification or documentary evidence if the Reporting Republic of Moldova Financial Institution knows 

or has reason to know that the self-certification or documentary evidence is incorrect 

or unreliable.

B. Definitions. The following definitions apply for purposes of this Annex I.

1. AML/KYC Procedures. “AML/KYC Procedures” means the 

customer due diligence procedures of a Reporting Republic of Moldova

Financial Institution pursuant to the anti-money laundering or similar 

requirements of the Republic of Moldova to which such Reporting Republic of 

Moldova Financial Institution is subject.

2. NFFE. An “NFFE” means any Non-U.S. Entity that is not an FFI as 

defined in relevant U.S. Treasury Regulations or is an Entity described in 

subparagraph B(4)(j) of this section, and also includes any Non-U.S. Entity that 

is established in the Republic of Moldova or another Partner Jurisdiction and 

that is not a Financial Institution.
3. Passive NFFE. A “Passive NFFE” means any NFFE that is not (i) an 

Active NFFE, or (ii) a withholding foreign partnership or withholding foreign 

trust pursuant to relevant U.S. Treasury Regulations.

4. Active NFFE. An “Active NFFE” means any NFFE that meets any of 

the following criteria:

a) Less than 50 percent of the NFFE’s gross income for the 

preceding calendar year or other appropriate reporting period is passive 

income and less than 50 percent of the assets held by the NFFE during 

the preceding calendar year or other appropriate reporting period are 

assets that produce or are held for the production of passive income;

b) The stock of the NFFE is regularly traded on an established securities market or the NFFE is a Related Entity of an Entity the stock of 

which is regularly traded on an established securities market. For purposes of this Agreement, interests are “regularly traded” if there is a 

meaningful volume of trading with respect to the interests on an ongoing basis, and an “established securities market” means an exchange 

that is officially recognized and supervised by a governmental authority 

in which the market is located and that has a meaningful annual value 

of shares traded on the exchange;

c) The NFFE is organized in a U.S. Territory and all of the owners 

of the payee are bona fide residents of that U.S. Territory;

d) The NFFE is a government (other than the U.S. government), a 

political subdivision of such government (which, for the avoidance of 

doubt, includes a state, province, county, or municipality), or a public 

body performing a function of such government or a political subdivision thereof, a government of a U.S. Territory, an international organization, a non-U.S. central bank of issue, or an Entity wholly owned by 

one or more of the foregoing; 

e) Substantially all of the activities of the NFFE consist of holding 

(in whole or in part) the outstanding stock of, or providing financing 

and services to, one or more subsidiaries that engage in trades or businesses other than the business of a Financial Institution, except that an 

entity shall not qualify for NFFE status if the entity functions (or holds 

itself out) as an investment fund, such as a private equity fund, venture 

capital fund, leveraged buyout fund, or any investment vehicle whose 

purpose is to acquire or fund companies and then hold interests in those 

companies as capital assets for investment purposes;

f) The NFFE is not yet operating a business and has no prior operating history, but is investing capital into assets with the intent to operate a business other than that of a Financial Institution, provided that the 

NFFE shall not qualify for this exception after the date that is 24 

months after the date of the initial organization of the NFFE;

g) The NFFE was not a Financial Institution in the past five years, 

and is in the process of liquidating its assets or is reorganizing with the 
intent to continue or recommence operations in a business other than 

that of a Financial Institution;

h) The NFFE primarily engages in financing and hedging transactions with, or for, Related Entities that are not Financial Institutions, 

and does not provide financing or hedging services to any Entity that is 

not a Related Entity, provided that the group of any such Related Entities is primarily engaged in a business other than that of a Financial Institution; 

i) The NFFE is an “excepted NFFE” as described in relevant U.S. 

Treasury Regulations; or 

j) The NFFE meets all of the following requirements:

i. It is established and operated in its jurisdiction of residence exclusively for religious, charitable, scientific, artistic, 

cultural, athletic, or educational purposes; or it is established 

and operated in its jurisdiction of residence and it is a professional organization, business league, chamber of commerce, labor organization, agricultural or horticultural organization, civic 

league or an organization operated exclusively for the promotion of social welfare;

ii. It is exempt from income tax in its jurisdiction of residence; 

iii. It has no shareholders or members who have a proprietary 

or beneficial interest in its income or assets;

iv. The applicable laws of the NFFE’s jurisdiction of residence or the NFFE’s formation documents do not permit any 

income or assets of the NFFE to be distributed to, or applied for 

the benefit of, a private person or non-charitable Entity other 

than pursuant to the conduct of the NFFE’s charitable activities, 

or as payment of reasonable compensation for services rendered, or as payment representing the fair market value of property which the NFFE has purchased; and

v. The applicable laws of the NFFE’s jurisdiction of residence or the NFFE’s formation documents require that, upon 

the NFFE’s liquidation or dissolution, all of its assets be distributed to a governmental entity or other non-profit organization, 

or escheat to the government of the NFFE’s jurisdiction of residence or any political subdivision thereof.

5. Preexisting Account. A “Preexisting Account” means a Financial Account 

maintained by a Reporting Republic of Moldova Financial Institution as of 

June 30, 2014.

C. Account Balance Aggregation and Currency Translation Rules.
1. Aggregation of Individual Accounts. For purposes of determining the 

aggregate balance or value of Financial Accounts held by an individual, a Reporting Republic of Moldova Financial Institution is required to aggregate all 

Financial Accounts maintained by the Reporting Republic of Moldova Financial Institution, or by a Related Entity, but only to the extent that the Reporting 

Republic of Moldova Financial Institution’s computerized systems link the Financial Accounts by reference to a data element such as client number or taxpayer identification number, and allow account balances or values to be aggregated. Each holder of a jointly held Financial Account shall be attributed the 

entire balance or value of the jointly held Financial Account for purposes of 

applying the aggregation requirements described in this paragraph 1.

2. Aggregation of Entity Accounts. For purposes of determining the aggregate balance or value of Financial Accounts held by an Entity, a Reporting 

Republic of Moldova Financial Institution is required to take into account all 

Financial Accounts that are maintained by the Reporting Republic of Moldova

Financial Institution, or by a Related Entity, but only to the extent that the Reporting Republic of Moldova Financial Institution’s computerized systems link 

the Financial Accounts by reference to a data element such as client number or 

taxpayer identification number, and allow account balances or values to be aggregated.

3. Special Aggregation Rule Applicable to Relationship Managers. For 

purposes of determining the aggregate balance or value of Financial Accounts 

held by a person to determine whether a Financial Account is a High Value Account, a Reporting Republic of Moldova Financial Institution is also required, 

in the case of any Financial Accounts that a relationship manager knows, or 

has reason to know, are directly or indirectly owned, controlled, or established 

(other than in a fiduciary capacity) by the same person, to aggregate all such 

accounts.

4. Currency Translation Rule. For purposes of determining the balance 

or value of Financial Accounts denominated in a currency other than the U.S. 

dollar, a Reporting Republic of Moldova Financial Institution must convert the 

U.S. dollar threshold amounts described in this Annex I into such currency using a published spot rate determined as of the last day of the calendar year preceding the year in which the Reporting Republic of Moldova Financial Institution is determining the balance or value.

D. Documentary Evidence. For purposes of this Annex I, acceptable documentary evidence includes any of the following:

1. A certificate of residence issued by an authorized government body (for 

example, a government or agency thereof, or a municipality) of the jurisdiction

in which the payee claims to be a resident.

2. With respect to an individual, any valid identification issued by an authorized government body (for example, a government or agency thereof, or a 

municipality), that includes the individual’s name and is typically used for 

identification purposes.
3. With respect to an Entity, any official documentation issued by an authorized government body (for example, a government or agency thereof, or a 

municipality) that includes the name of the Entity and either the address of its 

principal office in the jurisdiction (or U.S. Territory) in which it claims to be a 

resident or the jurisdiction (or U.S. Territory) in which the Entity was incorporated or organized.

4. With respect to a Financial Account maintained in a jurisdiction with 

anti-money laundering rules that have been approved by the IRS in connection 

with a QI agreement (as described in relevant U.S. Treasury Regulations), any 

of the documents, other than a Form W-8 or W-9, referenced in the jurisdiction’s attachment to the QI agreement for identifying individuals or Entities.

5. Any financial statement, third-party credit report, bankruptcy filing, or 

U.S. Securities and Exchange Commission report.

E. Alternative Procedures for Financial Accounts Held by Individual Beneficiaries of a Cash Value Insurance Contract. A Reporting Republic of Moldova Financial Institution may presume that an individual beneficiary (other than the owner) 

of a Cash Value Insurance Contract receiving a death benefit is not a Specified U.S. 

Person and may treat such Financial Account as other than a U.S. Account unless the 

Reporting Republic of Moldova Financial Institution has actual knowledge, or reason 

to know, that the beneficiary is a Specified U.S. Person. A Reporting Republic of 

Moldova Financial Institution has reason to know that a beneficiary of a Cash Value 

Insurance Contract is a Specified U.S. Person if the information collected by the Reporting Republic of Moldova Financial Institution and associated with the beneficiary 

contains U.S. indicia as described in subparagraph (B)(1) of section II of this Annex I. 

If a Reporting Republic of Moldova Financial Institution has actual knowledge, or reason to know, that the beneficiary is a Specified U.S. Person, the Reporting Republic of 

Moldova Financial Institution must follow the procedures in subparagraph B(3) of section II of this Annex I.

F. Reliance on Third Parties. Regardless of whether an election is made under 

paragraph C of section I of this Annex I, Reporting Republic of Moldova Financial Institutions may rely on due diligence procedures performed by third parties, to the extent provided in an FFI Agreement and relevant U.S. Treasury Regulations.

G. Alternative Procedures for New Accounts Opened Prior to Entry Into 

Force of this Agreement.

1. Applicability. If the Republic of Moldova has provided a written notice to the United States prior to entry into force of this Agreement that, as of 

July 1, 2014, the Republic of Moldova lacked the legal authority to direct Reporting Republic of Moldova Financial Institutions either: (i) to require Account Holders of New Individual Accounts to provide the self-certification 

specified in section III of this Annex I or the consent to report described in 

subparagraph 1(d) of Article 2 of the Agreement, or (ii) to perform all the due 

diligence procedures related to New Entity Accounts specified in section V of 

this Annex I or require Account Holders of such accounts to provide the consent to report described in subparagraph 1(d) of Article 2 of the Agreement, 
then Reporting Republic of Moldova Financial Institutions may apply the alternative procedures described in subparagraph G(2) of this section, as applicable, to such New Accounts, in lieu of the procedures otherwise required under this Annex I. The alternative procedures described in subparagraph G(2) of 

this section shall be available only for those New Individual Accounts or New 

Entity Accounts, as applicable, opened prior to the earlier of: (i) the date the 

Republic of Moldova has the ability to direct Reporting Republic of Moldova

Financial Institutions to comply with the due diligence procedures described in 

section III of this Annex I and obtain the consent to report described in subparagraph 1(d) of Article 2 of the Agreement with respect to New Individual Accounts, or to comply with the due diligence procedures described in section V 

of this Annex I and obtain the consent to report described in subparagraph 1(d) 

of Article 2 of the Agreement with respect to New Entity Accounts, which date 

the Republic of Moldova shall inform the United States of in writing by the 

date of entry into force of this Agreement, or (ii) the date of entry into force of 

this Agreement. If the alternative procedures for New Entity Accounts opened 

on or after July 1, 2014, and before January 1, 2015, described in paragraph H 

of this section are applied with respect to all New Entity Accounts or a clearly 

identified group of such accounts, the alternative procedures described in this 

paragraph G may not be applied with respect to such New Entity Accounts. 

For all other New Accounts, Reporting Republic of Moldova Financial Institutions must apply the due diligence procedures described in section III or section V of this Annex I, as applicable, to determine if the account is a U.S. Account or an account held by a Nonparticipating Financial Institution and must 

obtain the consent to report described in subparagraph 1(d) of Article 2 of the 

Agreement.

2. Alternative Procedures. 

a) Within one year after the date of entry into force of this Agreement, Reporting Republic of Moldova Financial Institutions must: (i) 

with respect to a New Individual Account described in subparagraph 

G(1) of this section, request the self-certification specified in section III 

of this Annex I and the consent to report described in subparagraph 1(d) 

of Article 2 of the Agreement and confirm the reasonableness of such 

self-certification consistent with the procedures described in section III 

of this Annex I, and (ii) with respect to a New Entity Account described 

in subparagraph G(1) of this section, perform the due diligence procedures specified in section V of this Annex I and request information as 

necessary to document the account, including any self-certification, required by section V of this Annex I and request the consent to report 

described in subparagraph 1(d) of Article 2 of the Agreement. 

b) Reporting Republic of Moldova Financial Institutions must report on any New Account that is identified pursuant to subparagraph 

G(2)(a) of this section as a U.S. Account or as an account held by a 

Nonparticipating Financial Institution, as applicable, by the date that is 

the later of: (i) September 30 next following the date that the account is 

identified as a U.S. Account or as an account held by a Nonparticipating Financial Institution, as applicable, or (ii) 90 days after the account 

is identified as a U.S. Account or as an account held by a Nonparticipating Financial Institution, as applicable. The information required to 
be reported with respect to such a New Account is any information that 

would have been reportable under this Agreement if the New Account 

had been identified as a U.S. Account or as an account held by a Nonparticipating Financial Institution, as applicable, as of the date the account was opened.

c) By the date that is one year after the date of entry into force of 

this Agreement, Reporting Republic of Moldova Financial Institutions 

must close any New Account described in subparagraph G(1) of this 

section for which it was unable to collect the required self-certification 

or other documentation or consent to report pursuant to the procedures 

described in subparagraph G(2)(a) of this section. In addition, by the 

date that is one year after the date of entry into force of this Agreement, 

Reporting Republic of Moldova Financial Institutions must: (i) with respect to such closed accounts that prior to such closure were New Individual Accounts (without regard to whether such accounts were High 

Value Accounts), perform the due diligence procedures specified in 

paragraph D of section II of this Annex I, or (ii) with respect to such 

closed accounts that prior to such closure were New Entity Accounts, 

perform the due diligence procedures specified in section IV of this 

Annex I.

d) Reporting Republic of Moldova Financial Institutions must report on any closed account that is identified pursuant to subparagraph 

G(2)(c) of this section as a U.S. Account or as an account held by a 

Nonparticipating Financial Institution, as applicable, and for which 

consent to report was obtained, by the date that is the later of: (i) September 30 next following the date that the account is identified as a 

U.S. Account or as an account held by a Nonparticipating Financial Institution, as applicable, or (ii) 90 days after the account is identified as a 

U.S. Account or as an account held by a Nonparticipating Financial Institution, as applicable. The information required to be reported for 

such a closed account is any information that would have been reportable under this Agreement if the account had been identified as a U.S. 

Account or as an account held by a Nonparticipating Financial Institution, as applicable, as of the date the account was opened. Accounts 

described in this subparagraph G(2)(d) for which consent to report was 

not obtained must be treated as Non-Consenting U.S. Accounts and aggregate information on such accounts must be reported as described in 

subparagraph 1(b)(ii) of Article 2 of the Agreement. 

H. Alternative Procedures for New Entity Accounts Opened on or after July 

1, 2014, and before January 1, 2015. For New Entity Accounts opened on or after 

July 1, 2014, and before January 1, 2015, either with respect to all New Entity Accounts or, separately, with respect to any clearly identified group of such accounts, 

Reporting Republic of Moldova Financial Institutions may treat such accounts as 

Preexisting Entity Accounts and apply the due diligence procedures related to Preexisting Entity Accounts specified in section IV of this Annex I in lieu of the due diligence procedures specified in section V of this Annex I. In this case, the due diligence 

procedures of section IV of this Annex I must be applied without regard to the account 

balance or value threshold specified in paragraph A of section IV of this Annex I.
Annex II

The following Entities shall be treated as exempt beneficial owners or deemed-compliant 

FFIs, as the case may be, and the following accounts are excluded from the definition of 

Financial Accounts.

This Annex II may be modified by a mutual written decision entered into between the 

Competent Authorities of the Republic of Moldova and the United States: (1) to include 

additional Entities and accounts that present a low risk of being used by U.S. Persons to evade 

U.S. tax and that have similar characteristics to the Entities and accounts described in this 

Annex II as of the date of signature of the Agreement; or (2) to remove Entities and accounts 

that, due to changes in circumstances, no longer present a low risk of being used by U.S. 

Persons to evade U.S. tax. Any such addition or removal shall be effective on the date of 

signature of the mutual decision, unless otherwise provided therein. 

I. Exempt Beneficial Owners other than Funds. The following Entities shall be treated as 

Non-Reporting Republic of Moldova Financial Institutions and as exempt beneficial owners for purposes of sections 1471 and 1472 of the U.S. Internal Revenue Code, other than

with respect to a payment that is derived from an obligation held in connection with a 

commercial financial activity of a type engaged in by a Specified Insurance Company, 

Custodial Institution, or Depository Institution.

A. Governmental Entity. The government of the Republic of Moldova, any political 

subdivision of the Republic of Moldova (which, for the avoidance of doubt, includes a 

state, province, county, or municipality), or any wholly owned agency or instrumentality of the Republic of Moldova or any one or more of the foregoing (each, a “Republic 

of Moldova Governmental Entity”). This category is comprised of the integral parts, 

controlled entities, and political subdivisions of the Republic of Moldova.

1. An integral part of the Republic of Moldova means any person, organization, 

agency, bureau, fund, instrumentality, or other body, however designated, that constitutes a governing authority of the Republic of Moldova. The net earnings of the 

governing authority must be credited to its own account or to other accounts of the 

Republic of Moldova, with no portion inuring to the benefit of any private person. 

An integral part does not include any individual who is a sovereign, official, or 

administrator acting in a private or personal capacity. 

2. A controlled entity means an Entity that is separate in form from the Republic of 

Moldova or that otherwise constitutes a separate juridical entity, provided that:

a) The Entity is wholly owned and controlled by one or more Republic of Moldova Governmental Entities directly or through one or more controlled entities; 

b) The Entity’s net earnings are credited to its own account or to the accounts of 

one or more Republic of Moldova Governmental Entities, with no portion of 

its income inuring to the benefit of any private person; and 

c) The Entity’s assets vest in one or more Republic of Moldova Governmental 

Entities upon dissolution. 
3. Income does not inure to the benefit of private personsif such persons are the intended beneficiaries of a governmental program, and the program activities are 

performed for the general public with respect to the common welfare or relate to 

the administration of some phase of government. Notwithstanding the foregoing, 

however, income is considered to inure to the benefit of private persons if the income is derived from the use of a governmental entity to conduct a commercial 

business, such as a commercial banking business, that provides financial services 

to private persons.

B. International Organization. Any international organization or wholly owned agency 

or instrumentality thereof. This category includes any intergovernmental organization 

(including a supranational organization) (1) that is comprised primarily of non-U.S.

governments; (2) that has in effect a headquarters agreement with the Republic of 

Moldova; and (3) the income of which does not inure to the benefit of private persons.

C. Central Bank. An institution that is by law or government sanction the principal authority, other than the government of the Republic of Moldova itself, issuing instruments intended to circulate as currency. Such an institution may include an instrumentality that is separate from the government of the Republic of Moldova, whether or not 

owned in whole or in part by the Republic of Moldova.

II. Funds that Qualify as Exempt Beneficial Owners. The following Entities shall be 

treated as Non-Reporting Republic of Moldova Financial Institutions and as exempt beneficial owners for purposes of sections 1471 and 1472 of the U.S. Internal Revenue Code.

A. Broad Participation Retirement Fund. A fund established in the Republic of Moldova to provide retirement, disability, or death benefits, or any combination thereof, to 

beneficiaries that are current or former employees (or persons designated by such employees) of one or more employers in consideration for services rendered, provided 

that the fund:

1. Does not have a single beneficiary with a right to more than five percent of the 

fund’s assets; 

2. Is subject to government regulation and provides annual information reporting 

about its beneficiaries to the relevant tax authorities in the Republic of Moldova; 

and 

3. Satisfies at least one of the following requirements:

a) The fund is generally exempt from tax in the Republic of Moldova on investment income under the laws of the Republic of Moldova due to its status as a 

retirement or pension plan; 

b) The fund receives at least 50 percent of its total contributions (other than transfers of assets from other plans described in paragraphs A through C of this section or from retirement and pension accounts described in subparagraph A(1)

of section V of this Annex II) from the sponsoring employers; 

c) Distributions or withdrawals from the fund are allowed only upon the occurrence of specified events related to retirement, disability, or death (except roll-
over distributions to other retirement funds described in paragraphs A through 

C of this section or retirement and pension accounts described in subparagraph 

A(1) of section V of this Annex II), or penalties apply to distributions or withdrawals made before such specified events; or

d) Contributions (other than certain permitted make-up contributions) by employees to the fund are limited by reference to earned income of the employee or 

may not exceed $50,000 annually, applying the rules set forth in Annex I for 

account aggregation and currency translation.

B. Narrow Participation Retirement Fund. A fund established inthe Republic of Moldova to provide retirement, disability, or death benefits to beneficiaries that are current 

or former employees (or persons designated by such employees) of one or more employers in consideration for services rendered, provided that:

1. The fund has fewer than 50 participants; 

2. The fund is sponsored by one or more employers that are not Investment Entities 

or Passive NFFEs; 

3. The employee and employer contributions to the fund (other than transfers of assets from retirement and pension accounts described in subparagraph A(1) of section V of this Annex II) are limited by reference to earned income and compensation of the employee, respectively; 

4. Participants that are not residents of the Republic of Moldova are not entitled to 

more than 20 percent of the fund’s assets; and 

5. The fund is subject to government regulation and provides annual information reporting about its beneficiaries to the relevant tax authorities in the Republic of 

Moldova.

C. Pension Fund of an Exempt Beneficial Owner. A fund established in the Republic 

of Moldova by an exempt beneficial owner to provide retirement, disability, or death 

benefits to beneficiaries or participants that are current or former employees of the exempt beneficial owner (or persons designated by such employees), or that are not current or former employees, if the benefits provided to such beneficiaries or participants 

are in consideration of personal services performed for the exempt beneficial owner.

D. Investment Entity Wholly Owned by Exempt Beneficial Owners. An Entity that is 

a Republic of Moldova Financial Institution solely because it is an Investment Entity, 

provided that each direct holder of an Equity Interest in the Entity is an exempt beneficial owner, and each direct holder of a debt interest in such Entity is either a Depository Institution (with respect to a loan made to such Entity) or an exempt beneficial 

owner.

III. Small or Limited Scope Financial Institutions that Qualify as Deemed-Compliant

FFIs. The following Financial Institutions are Non-Reporting Republic of Moldova Financial Institutions that shall be treated as registered deemed-compliant FFIs or certified 

deemed-compliant FFIs, as the case may be, for purposes of section 1471 of the U.S. Internal Revenue Code.
A. Registered Financial Institution with a Local Client Base. A Financial Institution 

satisfying the following requirements is a Non-Reporting Republic of Moldova Financial Institution treated as a registered deemed-compliant FFI for purposes of section 

1471 of the U.S. Internal Revenue Code:

1. The Financial Institution must be licensed and regulated as a financial institution 

under the laws of the Republic of Moldova; 

2. The Financial Institution must have no fixed place of business outside of the Republic of Moldova. For this purpose, a fixed place of business does not include a 

location that is not advertised to the public and from which the Financial Institution performs solely administrative support functions;

3. The Financial Institution must not solicit customers or Account Holders outside 

the Republic of Moldova. For this purpose, a Financial Institution shall not be 

considered to have solicited customers or Account Holders outside the Republic of 

Moldova merely because the Financial Institution (a) operates a website, provided 

that the website does not specifically indicate that the Financial Institution provides Financial Accounts or services to nonresidents, and does not otherwise target 

or solicit U.S. customers or Account Holders, or (b) advertises in print media or on 

a radio or television station that is distributed or aired primarily within the Republic of Moldova but is also incidentally distributed or aired in other countries, provided that the advertisement does not specifically indicate that the Financial Institution provides Financial Accounts or services to nonresidents, and does not otherwise target or solicit U.S. customers or Account Holders;

4. The Financial Institution must be required under the laws of the Republic of Moldova to identify resident Account Holders for purposes of either information reporting or withholding of tax with respect to Financial Accounts held by residents 

or for purposes of satisfying the Republic of Moldova’s AML due diligence requirements;

5. At least 98 percent of the Financial Accounts by value maintained by the Financial 

Institution as of the last day of the preceding calendar year must be held by residents (including residents that are Entities) of the Republic of Moldova; 

6. Beginning on or before July 1, 2014, the Financial Institution must have policies 

and procedures, consistent with those set forth in Annex I, to prevent the Financial 

Institution from providing a Financial Account to any Nonparticipating Financial 

Institution and to monitor whether the Financial Institution opens or maintains a 

Financial Account for any Specified U.S. Person who is not a resident of the Republic of Moldova (including a U.S. Person that was a resident of the Republic of 

Moldova when the Financial Account was opened but subsequently ceases to be a 

resident of the Republic of Moldova) or any Passive NFFE with Controlling Persons who are U.S. residents or U.S. citizens who are not residents of the Republic 

of Moldova; 

7. Such policies and procedures must provide that if any Financial Account held by a 

Specified U.S. Person who is not a resident of the Republic of Moldova or by a 

Passive NFFE with Controlling Persons who are U.S. residents or U.S. citizens 
who are not residents of the Republic of Moldova is identified, the Financial Institution must report such Financial Account as would be required if the Financial Institution were a Reporting Republic of Moldova Financial Institution or close such 

Financial Account;

8. With respect to a Preexisting Account held by an individual who is not a resident 

of the Republic of Moldova or by an Entity, the Financial Institution must review 

those Preexisting Accounts in accordance with the procedures set forth in Annex I 

applicable to Preexisting Accounts to identify any U.S. Account or Financial Account held by a Nonparticipating Financial Institution, and must report such Financial Account as would be required if the Financial Institution were a Reporting 

Republic of Moldova Financial Institution or close such Financial Account;

9. Each Related Entity of the Financial Institution that is a Financial Institution must 

be incorporated or organized in the Republic of Moldova and, with the exception 

of any Related Entity that is a retirement fund described in paragraphs A through 

C of section II of this Annex II, satisfy the requirements set forth in this paragraph 

A; 

10. The Financial Institution must not have policies or practices that discriminate

against opening or maintaining Financial Accounts for individuals who are Specified U.S. Persons and residents of the Republic of Moldova; and

11. The Financial Institution must satisfy the requirements set forth in paragraph C of 

section VI of this Annex II.

B. Local Bank. A Financial Institution satisfying the following requirements is a NonReporting Republic of Moldova Financial Institution treated as a certified deemedcompliant FFI for purposes of section 1471 of the U.S. Internal Revenue Code:

1. The Financial Institution operates solely as (and is licensed and regulated under 

the laws of the Republic of Moldova as) (a) a bank or (b) a credit union or similar 

cooperative credit organization that is operated without profit;

2. The Financial Institution’s business consists primarily of receiving deposits from 

and making loans to, with respect to a bank, unrelated retail customers and, with 

respect to a credit union or similar cooperative credit organization, members, provided that no member has a greater than five percent interest in such credit union 

or cooperative credit organization;

3. The Financial Institution satisfies the requirements set forth in subparagraphs A(2)

and A(3) of this section, provided that, in addition to the limitations on the website 

described in subparagraph A(3) of this section, the website does not permit the 

opening of a Financial Account;

4. The Financial Institution does not have more than $175 million in assets on its balance sheet, and the Financial Institution and any Related Entities, taken together, 

do not have more than $500 million in total assets on their consolidated or combined balance sheets; and
5. Any Related Entity must be incorporated or organized in the Republic of Moldova, and any Related Entity that is a Financial Institution, with the exception of any 

Related Entity that is a retirement fund described in paragraphs A through C of 

section II of this Annex II or a Financial Institution with only low-value accounts 

described in paragraph C of this section, must satisfy the requirements set forth in 

this paragraph B. 

C. Financial Institution with Only Low-Value Accounts. A Republic of Moldova Financial Institution satisfying the following requirements is a Non-Reporting Republic 

of Moldova Financial Institution treated as a certified deemed-compliant FFI for purposes of section 1471 of the U.S. Internal Revenue Code:

1. The Financial Institution is not an Investment Entity;

2. No Financial Account maintained by the Financial Institution or any Related Entity has a balance or value in excess of $50,000, applying the rules set forth in Annex I for account aggregation and currency translation; and 

3. The Financial Institution does not have more than $50 million in assets on its balance sheet, and the Financial Institution and any Related Entities, taken together, 

do not have more than $50 million in total assets on their consolidated or combined balance sheets. 

D. Registered Qualified Credit Card Issuer. A Republic of Moldova Financial Institution satisfying the following requirements is a Non-Reporting Republic of Moldova

Financial Institution treated as a registered deemed-compliant FFI for purposes of section 1471 of the U.S. Internal Revenue Code:

1. The Financial Institution is a Financial Institution solely because it is an issuer of 

credit cards that accepts deposits only when a customer makes a payment in excess 

of a balance due with respect to the card and the overpayment is not immediately 

returned to the customer; 

2. Beginning on or before July 1, 2014, the Financial Institution implements policies 

and procedures to either prevent a customer deposit in excess of $50,000, or to ensure that any customer deposit in excess of $50,000, in each case applying the 

rules set forth in Annex I for account aggregation and currency translation, is refunded to the customer within 60 days. For this purpose, a customer deposit does 

not refer to credit balances to the extent of disputed charges but does include credit 

balances resulting from merchandise returns; and

3. The Financial Institution must satisfy the requirements set forth in paragraph C of 

section VI of this Annex II.

IV. Investment Entities that Qualify as Deemed-Compliant FFIs and Other Special 

Rules. The Financial Institutions described in paragraphs A through E of this section are 

Non-Reporting Republic of Moldova Financial Institutions that shall be treated as 

registered deemed-compliant FFIs or certified deemed-compliant FFIs, as the case may 

be, for purposes of section 1471 of the U.S. Internal Revenue Code. In addition, 

paragraph F of this section provides special rules applicable to an Investment Entity. 
A. Trustee-Documented Trust. A trust established under the laws of the Republic of 

Moldova to the extent that the trustee of the trust is a Reporting U.S. Financial Institution, Reporting Model 1 FFI, or Participating FFI and reports all information required 

to be reported pursuant to the Agreement with respect to all U.S. Accounts of the trust. 

Such a trust is a Non-Reporting Republic of Moldova Financial Institution treated as a 

certified deemed-compliant FFI for purposes of section 1471 of the U.S. Internal Revenue Code.

B. Registered Sponsored Investment Entity and Controlled Foreign Corporation. A

Financial Institution described in subparagraph B(1) or B(2) of this section having a 

sponsoring entity that complies with the requirements of subparagraph B(3) of this 

section is a Non-Reporting Republic of Moldova Financial Institution treated as a registered deemed-compliant FFI for purposes of section 1471 of the U.S. Internal Revenue Code. 

1. A Financial Institution is a sponsored investment entity if (a) it is an Investment

Entity established in the Republic of Moldova that is not a qualified intermediary,

withholding foreign partnership, or withholding foreign trust pursuant to relevant 

U.S. Treasury Regulations; and (b) an Entity has agreed with the Financial Institution to act as a sponsoring entity for the Financial Institution. 

2. A Financial Institution is a sponsored controlled foreign corporation if (a) the Financial Institution is a controlled foreign corporation1 organized under the laws of

the Republic of Moldova that is not a qualified intermediary, withholding foreign 

partnership, or withholding foreign trust pursuant to relevant U.S. Treasury Regulations; (b) the Financial Institution is wholly owned, directly or indirectly, by a 

Reporting U.S. Financial Institution that agrees to act, or requires an affiliate of the 

Financial Institution to act, as a sponsoring entity for the Financial Institution; and 

(c) the Financial Institution shares a common electronic account system with the 

sponsoring entity that enables the sponsoring entity to identify all Account Holders 

and payees of the Financial Institution and to access all account and customer information maintained by the Financial Institution including, but not limited to, 

customer identification information, customer documentation, account balance, 

and all payments made to the Account Holder or payee. 

3. The sponsoring entity complies with the following requirements:

a) The sponsoring entity is authorized to act on behalf of the Financial Institution 

(such as a fund manager, trustee, corporate director, or managing partner) to 

fulfill the requirements of an FFI Agreement; 

b) The sponsoring entity has registered as a sponsoring entity with the IRS on the 

IRS FATCA registration website; 

 1 A “controlled foreign corporation” means any foreign corporation if more than 50 percent of the total combined voting power of all classes of stock of such corporation entitled to vote, or the total value of the stock of

such corporation, is owned, or is considered as owned, by “United States shareholders” on any day during the 

taxable year of such foreign corporation. The term a “United States shareholder” means, with respect to any 

foreign corporation, a United States person who owns, or is considered as owning, 10 percent or more of the 

total combined voting power of all classes of stock entitled to vote of such foreign corporation.
c) Prior to December 31, 2015, the sponsoring entity has registered the Financial 

Institution with the IRS pursuant to the registration requirements set forth in 

paragraph C of section VI of this Annex II; 

d) The sponsoring entity agrees to perform, on behalf of the Financial Institution, 

all due diligence, withholding, reporting, and other requirements (including the 

requirements set forth in paragraph C of section VI of this Annex II) that the 

Financial Institution would have been required to perform if it were a Reporting Republic of Moldova Financial Institution; 

e) The sponsoring entity identifies the Financial Institution and includes the Financial Institution’s Global Intermediary Identification Number (or GIIN) in 

all reporting completed on the Financial Institution’s behalf; and 

f) The sponsoring entity has not had its status as a sponsor revoked. The IRS 

may revoke a sponsoring entity’s status as a sponsor with respect to all sponsored Financial Institutions if there is a material failure by the sponsoring entity to comply with its obligations described above with respect to any sponsored Financial Institution.

C. Sponsored, Closely Held Investment Vehicle. A Republic of Moldova Financial Institution satisfying the following requirements is a Non-Reporting Republic of Moldova Financial Institution treated as a certified deemed-compliant FFI for purposes of 

section 1471 of the U.S. Internal Revenue Code:

1. The Financial Institution is a Financial Institution solely because it is an Investment Entity and is not a qualified intermediary, withholding foreign partnership, or 

withholding foreign trust pursuant to relevant U.S. Treasury Regulations;

2. The sponsoring entity is a Reporting U.S. Financial Institution, Reporting Model 

1 FFI, or Participating FFI, is authorized to act on behalf of the Financial Institution (such as a professional manager, trustee, or managing partner), and agrees to 

perform, on behalf of the Financial Institution, all due diligence, withholding, reporting, and other requirements that the Financial Institution would have been required to perform if it were a Reporting Republic of Moldova Financial Institution;

3. The Financial Institution does not hold itself out as an investment vehicle for unrelated parties;

4. Twenty or fewer individuals own all of the debt interests and Equity Interests in 

the Financial Institution (disregarding debt interests owned by Participating FFIs 

and deemed-compliant FFIs and Equity Interests owned by an Entity if that Entity 

owns 100 percent of the Equity Interests in the Financial Institution and is itself a 

sponsored Financial Institution described in this paragraph C); and

5. The sponsoring entity complies with the following requirements: 

a) The sponsoring entity has registered as a sponsoring entity with the IRS on the 

FATCA registration website; 
b) The sponsoring entity agrees to perform, on behalf of the Financial Institution, 

all due diligence, withholding, reporting, and other requirements that the Financial Institution would have been required to perform if it were a Reporting 

Republic of Moldova Financial Institution and retains documentation collected 

with respect to the Financial Institution for a period of six years; 

c) The sponsoring entity identifies the Financial Institution in all reporting completed on the Financial Institution’s behalf; and 

d) The sponsoring entity has not had its status as a sponsor revoked. The IRS 

may revoke a sponsoring entity’s status as a sponsor with respect to all sponsored Financial Institutions if there is a material failure by the sponsoring entity to comply with its obligations described above with respect to any sponsored Financial Institution. 

D. Investment Advisors and Investment Managers. An Investment Entity established 

in the Republic of Moldova that is a Financial Institution solely because it (1) renders

investment advice to, and acts on behalf of, or (2) manages portfolios for, and acts on 

behalf of, a customer for the purposes of investing, managing, or administering funds 

deposited in the name of the customer with a Financial Institution other than a 

Nonparticipating Financial Institution. Such an Investment Entity is a Non-Reporting 

Republic of Moldova Financial Institution treated as a certified deemed-compliant FFI 

for purposes of section 1471 of the U.S. Internal Revenue Code.

E. Collective Investment Vehicle. An Investment Entity established in the Republic of 

Moldova that is regulated as a collective investment vehicle, provided that all of the 

interests in the collective investment vehicle (including debt interests in excess of 

$50,000) are held by or through one or more exempt beneficial owners, Active NFFEs 

described in subparagraph B(4) of section VI of Annex I, U.S. Persons that are not 

Specified U.S. Persons, or Financial Institutions that are not Nonparticipating 

Financial Institutions, and the Investment Entity satisfies the requirements set forth in 

paragraph C of section VI of this Annex II. Such an Investment Entity is a NonReporting Republic of Moldova Financial Institution treated as a registered deemedcompliant FFI for purposes of section 1471 of the U.S. Internal Revenue Code.

F. Special Rules. The following rules apply to an Investment Entity: 

1. With respect to interests in an Investment Entity that is a collective investment 

vehicle described in paragraph E of this section, the reporting obligations of any 

Investment Entity (other than a Financial Institution through which interests in the 

collective investment vehicle are held) shall be deemed fulfilled.

2. With respect to interests in: 

a) An Investment Entity established in a Partner Jurisdiction that is regulated as a 

collective investment vehicle, all of the interests in which (including debt 

interests in excess of $50,000) are held by or through one or more exempt 

beneficial owners, Active NFFEs described in subparagraph B(4) of section VI 

of Annex I, U.S. Persons that are not Specified U.S. Persons, or Financial 

Institutions that are not Nonparticipating Financial Institutions; or
b) An Investment Entity that is a qualified collective investment vehicle under 

relevant U.S. Treasury Regulations;

the reporting obligations of any Investment Entity that is a Republic of Moldova 

Financial Institution (other than a Financial Institution through which interests in 

the collective investment vehicle are held) shall be deemed fulfilled.

3. With respect to interests in an Investment Entity established in the Republic of 

Moldova that is not described in paragraph E or subparagraph F(2) of this section, 

consistent with paragraph 4 of Article 4 of the Agreement, the reporting 

obligations of all other Investment Entities with respect to such interests shall be 

deemed fulfilled if the information required to be reported by first-mentioned 

Investment Entity pursuant to the Agreement with respect to such interests is 

reported by such Investment Entity or another person.

V. Accounts Excluded from Financial Accounts. The following accounts are excluded 

from the definition of Financial Accounts and therefore shall not be treated as U.S. Accounts.

A. Certain Savings Accounts.

1. Retirement and Pension Account. A retirement or pension account maintained in 

the Republic of Moldova that satisfies the following requirements under the laws 

of the Republic of Moldova.

a) The account is subject to regulation as a personal retirement account or is part 

of a registered or regulated retirement or pension plan for the provision of retirement or pension benefits (including disability or death benefits);

b) The account is tax-favored (i.e., contributions to the account that would otherwise be subject to tax under the laws of the Republic of Moldova are deductible or excluded from the gross income of the account holder or taxed at a reduced rate, or taxation of investment income from the account is deferred or 

taxed at a reduced rate);

c) Annual information reporting is required to the tax authorities in the Republic 

of Moldova with respect to the account;

d) Withdrawals are conditioned on reaching a specified retirement age, disability, 

or death, or penalties apply to withdrawals made before such specified events; 

and

e) Either (i) annual contributions are limited to $50,000 or less, or (ii) there is a 

maximum lifetime contribution limit to the account of $1,000,000 or less, in 

each case applying the rules set forth in Annex I for account aggregation and 

currency translation. 

2. Non-Retirement Savings Accounts. An account maintained in the Republic of 

Moldova (other than an insurance or Annuity Contract) that satisfies the following 

requirements under the laws of the Republic of Moldova.
a) The account is subject to regulation as a savings vehicle for purposes other than 

for retirement;

b) The account is tax-favored (i.e., contributions to the account that would otherwise be subject to tax under the laws of the Republic of Moldova are deductible or excluded from the gross income of the account holder or taxed at a reduced rate, or taxation of investment income from the account is deferred or 

taxed at a reduced rate);

c) Withdrawals are conditioned on meeting specific criteria related to the purpose 

of the savings account (for example, the provision of educational or medical 

benefits), or penalties apply to withdrawals made before such criteria are met; 

and

d) Annual contributions are limited to $50,000 or less, applying the rules set forth 

in Annex I for account aggregation and currency translation.

B. Certain Term Life Insurance Contracts. A life insurance contract maintained in the 

Republic of Moldova with a coverage period that will end before the insured individual attains age 90, provided that the contract satisfies the following requirements: 

1. Periodic premiums, which do not decrease over time, are payable at least annually 

during the period the contract is in existence or until the insured attains age 90, 

whichever is shorter;

2. The contract has no contract value that any person can access (by withdrawal, 

loan, or otherwise) without terminating the contract;

3. The amount (other than a death benefit) payable upon cancellation or termination 

of the contract cannot exceed the aggregate premiums paid for the contract, less 

the sum of mortality, morbidity, and expense charges (whether or not actually imposed) for the period or periods of the contract’s existence and any amounts paid 

prior to the cancellation or termination of the contract; and

4. The contract is not held by a transferee for value.

C. Account Held By an Estate. An account maintained in the Republic of Moldova that 

is held solely by an estate if the documentation for such account includes a copy of the 

deceased’s will or death certificate.

D. Escrow Accounts. An account maintained in the Republic of Moldova established in 

connection with any of the following: 

1. A court order or judgment.

2. A sale, exchange, or lease of real or personal property, provided that the account 

satisfies the following requirements:

a) The account is funded solely with a down payment, earnest money, deposit in 

an amount appropriate to secure an obligation directly related to the transac-
tion, or a similar payment, or is funded with a financial asset that is deposited 

in the account in connection with the sale, exchange, or lease of the property;

b) The account is established and used solely to secure the obligation of the purchaser to pay the purchase price for the property, the seller to pay any contingent liability, or the lessor or lessee to pay for any damages relating to the 

leased property as agreed under the lease;

c) The assets of the account, including the income earned thereon, will be paid or 

otherwise distributed for the benefit of the purchaser, seller, lessor, or lessee 

(including to satisfy such person’s obligation) when the property is sold, exchanged, or surrendered, or the lease terminates;

d) The account is not a margin or similar account established in connection with a 

sale or exchange of a financial asset; and

e) The account is not associated with a credit card account. 

3. An obligation of a Financial Institution servicing a loan secured by real property to 

set aside a portion of a payment solely to facilitate the payment of taxes or insurance related to the real property at a later time.

4. An obligation of a Financial Institution solely to facilitate the payment of taxes at a 

later time.

E. Partner Jurisdiction Accounts. An account maintained in the Republic of Moldova

and excluded from the definition of Financial Account under an agreement between 

the United States and another Partner Jurisdiction to facilitate the implementation of 

FATCA, provided that such account is subject to the same requirements and oversight 

under the laws of such other Partner Jurisdiction as if such account were established in 

that Partner Jurisdiction and maintained by a Partner Jurisdiction Financial Institution 

in that Partner Jurisdiction.

VI. Definitions and Other Special Rules. The following additional definitions and special 

rules shall apply to the descriptions above:

A. Reporting Model 1 FFI. The term Reporting Model 1 FFI means a Financial Institution with respect to which a non-U.S. government or agency thereof agrees to obtain 

and exchange information pursuant to a Model 1 IGA, other than a Financial Institution treated as a Nonparticipating Financial Institution under the Model 1 IGA. For 

purposes of this definition, the term Model 1 IGA means an arrangement between the 

United States or the Treasury Department and a non-U.S. government or one or more 

agencies thereof to implement FATCA through reporting by Financial Institutions to 

such non-U.S. government or agency thereof, followed by automatic exchange of such

reported information with the IRS. 

B. Participating FFI. The term Participating FFI means a Financial Institution that has 

agreed to comply with the requirements of an FFI Agreement, including a Financial 

Institution described in a Model 2 IGA that has agreed to comply with the requirements of an FFI Agreement. The term Participating FFI also includes a qualified intermediary branch of a Reporting U.S. Financial Institution, unless such branch is a 
Reporting Model 1 FFI. For purposes of this definition, the term FFI Agreement 

means where relevant, an FFI Agreement as defined in Article 1 of the Agreement as 

well as an agreement that sets forth the requirements for a Financial Institution to be 

treated as complying with the requirements of section 1471(b) of the U.S. Internal 

Revenue Code. In addition, for purposes of this definition, the term Model 2 IGA 

means an arrangement between the United States or the Treasury Department and a 

non-U.S. government or one or more agencies thereof to facilitate the implementation 

of FATCA through reporting by Financial Institutions directly to the IRS in accordance 

with the requirements of an FFI Agreement, supplemented by the exchange of information between such non-U.S. government or agency thereof and the IRS. 

C. Registration Requirements for a Financial Institution that Qualifies as a Registered Deemed-Compliant FFI. A Financial Institution that qualifies as a registered 

deemed-compliant FFI must satisfy the following requirements:

1. Register on the IRS FATCA registration website with the IRS pursuant to procedures prescribed by the IRS and agree to comply with the terms of its registered 

deemed-compliant status;

2. Have its responsible officer certify every three years to the IRS, either individually 

or collectively for such Financial Institution and its Related Entities, that all of the 

requirements for the deemed-compliant category claimed by the Financial Institution have been satisfied since July 1, 2014;

3. Maintain in its records the confirmation from the IRS of the Financial Institution’s 

registration as a deemed-compliant FFI and the Financial Institution’s Global Intermediary Identification Number (or GIIN) or such other information as the IRS 

specifies in forms or other guidance; and

4. Agree to notify the IRS if there is a change in circumstances that would make the 

Financial Institution ineligible for the deemed-compliant status for which it has 

registered, and to do so with six months of the change in circumstances unless the 

Financial Institution is able to resume its eligibility for its registered deemedcompliant status within the six-month notification period.