103040 – Due Diligence: Pre-Existing Individual Accounts: High Value Accounts: Hold Mail or In-Care-Of Address Only

If a hold mail instruction or in-care-of address is discovered in the enhanced review of High Value Accounts, and no other address or indicia of residence are identified for the Account Holder, the financial institution must request a self-certification or other Documentary Evidence from the Account Holder to establish the jurisdiction of tax residence of the Account Holder. 

If the financial institution cannot obtain a self-certification or Documentary Evidence from the Account Holder the financial institution is required to treat the Account Holder as: 

  • A US Specified Person for FATCA,
  • A Reportable Person for all four territories under the reciprocal Crown Dependences and Overseas Territories agreements, and
  • An undocumented account for DAC/CRS.