Qualified intermediary agreement (QIA) - Financial definition
Financial acronyms
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Country
: United States of America
Concise definition of the term qualified intermediary agreement
Agreement signed by a foreign financial intermediary (e.g. a bank, broker or asset manager) with the US tax authorities (IRS) in order to obtain the status of qualified intermediary.
Comprehensive definition of the term qualified intermediary agreement
Under a QIA, the qualified intermediary commits to the following obligations:
- identification and documentation of clients;
- reporting;
- withholding;
- Processes to monitor QI obligations and certification of effective internal controls.