102960 – Due Diligence: Pre-Existing Individual Accounts: High Value Accounts: Paper Record Search: FATCA Exemption

A financial institution does not need to carry out the paper record search for determining a person’s non-US status where it has retained a withholding certificate and acceptable Documentary Evidence. 

Withholding certificates issued by the IRS such as the W-8 and W-9 series are acceptable in establishing an Account Holder’s status. A financial institution may rely upon a pre-FATCA W-8 form in lieu of an updated version of the form until such time that the W-8 is required to be renewed.