Skip to content
ChatProjectCodes

SECTION 3. BRANCHES LOCATED

Internal Revenue Bulletin 2006-14 · 2026-10-03 edition · updated 2026-10-04 · United States

OUTSIDE OF APPROVED KYC COUNTRIES

Branches of financial institutions will not be permitted to operate as QIs after December 31, 2006, if they are located outside of countries listed as having approved KYC rules on the IRS website at www.irs.ustreas.gov . However, branches of a financial institution that are operating as QIs under Announcement 2000–48 (as modified by Notice 2001–43) on April 3, 2006, may continue to operate as QIs through December 31, 2007, provided that (1) the financial institution mails a written request for an extension, on or before June 30, 2006, to: KYC Coordinator, Internal Revenue Service, 290 Broadway, 12 th

Floor, New York, New York 10007; (2) the request identifies the jurisdictions in which such branches are located and briefly describes what steps those jurisdictions have taken to implement KYC rules; and (3) the request is approved, in writing, by the KYC Coordinator.

Branches of financial institutions that operate in non-KYC approved jurisdictions will be required to act as non-qualified intermediaries after December 31, 2006, or after December 31, 2007, as applicable.

Get a plain-English answer with a citation back to this text.

Ask AI about this code
Export this section
▸Contents — Internal Revenue Bulletin 2006-14
Internal Revenue Bulletin 2006-14

GoCodebook provides public access, search, citation, multilingual explanation, and practical interpretation of legally adopted building regulations. It is not a substitute for the official ICC or California code publications.