102920 – Due Diligence: Pre-Existing Individual Accounts: High Value Accounts: Electronic Record Search

For High Value Accounts, a financial institution must review its electronically searchable data [AEIM102300] for indicia of the individual’s residence (and, also, citizenship for the US reporting under FATCA).

The Account Holder will be regarded as a resident of a Reportable Jurisdiction if any if the indicia below apply:

a) The Account Holder is identified as a resident of a Reportable Jurisdiction or as a US citizen.

b) For FATCA only, there is an unambiguous indication of a US place of birth.

c) The current mailing or residence address (including a post office box) of the Account Holder is in a Reportable Jurisdiction.

d) There are one or more current telephone numbers in a Reportable Jurisdiction (and, for DAC/CRS, no telephone number in the jurisdiction of the reporting FI).

e) Standing instructions to transfer funds to an account maintained in a Reportable Jurisdiction (other than a Depository Account in the case of the DAC/CRS)

f) A current effective power of attorney or signatory authority granted to a person with an address in a Reportable Jurisdiction.

g) A “hold mail” instruction or “in-care-of” address in a Reportable Jurisdiction if the reporting financial institution does not have any other address on file for the Account Holder.

To the extent that the financial institution’s electronically searchable databases do not include fields for the above or do not otherwise capture this information, a paper record search will be required. Where the electronically searchable databases include fields for the required information but are left blank, a paper record search will be required unless the financial institution has policies and procedures in place that mean that a field is only left blank when the information is not in the financial institution’s records. For example, a blank field in respect of f) above would indicate positively that the financial institution does not hold a power of attorney or other signatory authority for the Account Holder.