102900 – Due Diligence: Pre-Existing Individual Accounts: High Value Accounts

High-value pre-existing accounts are accounts with an aggregated balance or value that exceeds $1million at the date that the pre-existing accounts first need to be reviewed or at any 31 December following the initial review date. 

The aggregated amount is that across all accounts held by the individual with the financial institution and includes accounts held by related entities of the financial institution. 

When an account is identified as a High Value Account the residence address test may not be used to establish the residence jurisdiction of the Account Holder. 

The financial institution must start with the electronic record search and then continue, where appropriate, with a paper record search and a relationship manager inquiry. 

The financial institution may choose to apply the new account procedures and seek self certification from Account Holders rather than carry out the due diligence for pre-existing High Value Accounts.