101900 – Financial Accounts: Excluded Accounts: Low Value Dormant Accounts

Dormant Accounts are defined for the purposes of the residence address test for pre-existing lower value individual accounts. A subset of Dormant Accounts is also included in the list of Excluded Accounts meaning that accounts with less than an amount equivalent to US$1,000 do not need to be subjected to any due diligence procedures until they are reactivated in some way. The definition there is narrower than the definition for the residence address test in that it only permits Dormant Accounts to be included where there has been no activity on the account for three years and no contact from the customer for six years.