|Financial Institutions must already search the current addresses held for each account holder under the regulations to implement the US agreement (see sections 5.8 and 5.11 of the US guidance).
Where the indicia found is a current CD or Gibraltar mailing/residence address, the account must be reported unless the UK Financial Institution obtains or currently maintains a record of the following:
Financial Institution with a Local Client Base
Identification of the Account Holder as having a mailing address in a CD or Gibraltar would mean that the account would be identified as provided to a person who is NOT a resident of the UK.
This category of account would also be subject to due diligence by a Financial Institution with a Local Client Base that is a Deemed Compliant Financial Institution under the regulations to implement the US agreement.