05.10 – Standing Instructions to transfer funds to an account maintained in the US

Where at the time of review there are current standing instructions to transfer funds to an account maintained in the US, the account must be reported unless the UK Financial Institution obtains or currently maintains a record of:

  • a self certification that the account holder is neither a US citizen nor a US resident for tax purposes; and
  • a form of acceptable documentary evidence which establishes the account holder’s non-US status. See Section 4.2.

There will be a standing instruction if the account holder has mandated the Financial Institution to make repeat payments without further instruction from the account holder to another account that can clearly be identified as being an account maintained in the US.