06.02 – Electronic Searches and Lower Value Accounts

Financial Institutions must review their electronically searchable data for any of the following CD and Gibraltar indicia:

 

  • Identification of the Account Holder as tax resident in a CD or Gibraltar
  • Current mailing or residence address (including a post office box, “in-care-of” or “hold mail” address) in a CD or Gibraltar;
  • Currently effective power of attorney or signatory authority granted to a person with an address in a CD or Gibraltar;
  • For accounts that are not Depository Accounts the Reporting Financial Institution must also review electronically searchable data maintained by them for standing instructions to transfer funds to an account maintained in a CD or Gibraltar.

Electronically searchable data must be held electronically and must be in a form where an automated search can be undertaken.

Example

A jpeg image of a scanned utility bill would not be an electronically searchable record of the residence address.