02.0706 – Pre-existing Individual Accounts over $1,000,000

Under the regulations to implement the CD and Gibraltar Agreements all pre-existing accounts over $1,000,000 in value will be subject to enhanced review.

This will be an additional requirement on all Financial Institutions with a Local Client Base under the regulations to implement the CD and Gibraltar Agreements. However, it is expected that this enhanced procedure will apply only to a low number of higher value accounts.