06.03 – New Accounts for holders of Pre-existing Accounts

This section applies for the purpose of dealing with US FATCA and the Crown Dependencies and Overseas Territories IGAs only. To determine the information to be collected and held for the purpose of the CRS, please refer to paragraph 4.20.

Where a Pre-existing Account holder wishes to open a New Account with the same institution, there will be no need to re-document the Account Holder as long as:

  • the appropriate due diligence requirements have already been carried out, or are in the process of being carried out within time limits set out for the Pre-existing Accounts; and
  • the accounts are treated as linked or as a single account or obligation for applying any of the due diligence requirements and reporting.

This means that the standards of knowledge to be applied, the change of circumstances rules and aggregation requirements will apply to all accounts held by the account holder.

Therefore where there is a change of circumstance or where the Financial Institution has reason to know that the account holder’s status is inaccurate in relation to one account, this will apply to all other accounts held by the account holder.

Where the Financial Institution has elected to apply the thresholds exemptions, the accounts must be treated as linked for aggregation purposes.

This can also be applied on a group basis where documentation is shared within the group. See Section 4.7.