05.13 – Electronic Record searches and High Value Accounts

A Financial Institution must review it’s electronically searchable data in the same manner as for Lower Value Accounts.

If a Financial Institution has previously obtained documentation from a Pre-existing Individual Account holder to establish the account holder’s status:

  • in order to meet its obligations under a qualified intermediary, withholding foreign partnership or withholding foreign trust agreement, or
  • to fulfil its reporting obligations as a US payor under Chapter 61 of the Code,

it will not have to carry out either the electronic search or the paper record search) in respect of such accounts where the Account Holder has received a reportable payment under those regimes.

Any UK Financial Institution that falls into this category is required, however, to perform the Relationship Manager enquiry (See Section 5.16) where the accounts are High Value Pre-existing Individual Accounts.