102700 – Due Diligence: Pre-Existing Individual Accounts: Lower Value Accounts: Residence Address Definition

The residence address held by a financial institution must be sufficiently detailed to identify where the Account Holder resides and will generally be in a form that identifies the street and the town, city or area where the individual lives in sufficient detail for the financial institution to determine the jurisdiction in which the residence is located. 

In general, an “in-care-of” address or a post office box is not a residence address. However, a post office box can be part of a residence address where the address also contains a street, an apartment or suite number, or a rural route and thus clearly identifies the actual residence of the Account Holder. 

An “in-care-of” address is unlikely to provide sufficient detail to identify the residence of the Account Holder as the address is that of the person receiving mail on behalf of the Account Holder. Exceptionally, an “in-care-of” address may be relied on where it is clear that the Account Holder is military personnel, and the “in-care-of” address is a standard address of the type used for individuals residing on military bases. Additionally, an “in-care-of” address may be relied on where the address relates to a care or residential home.