02.0704 – Accounts other than Depository Accounts

For accounts that are not Depository Accounts, the Reporting Financial Institution must also review electronically searchable data that it maintains for standing instructions to transfer funds to an account maintained in the other Party.

This will be an additional test for Financial Institutions such as Mutual Insurance and Savings Institutions, which fell under the Financial Institution with a Local Client Base category for the US agreement. But, this test is a review of electronically searchable data for standing instructions out of the reportable account to an account in a CD or Gibraltar.

It is expected that standing instructions out of Investment, Custodial or Insurance accounts will be limited in number.

Please see section 5.10 of the US Guidance notes for further detail on what constitutes a standing instruction.