07.04 – Identification of an entity as a Specified US Person

In order to identify if an entity is a Specified US Person, information maintained for regulatory or customer relationship purposes (including information collected as part of any AML/KYC procedure) can be relied upon.

A US place of incorporation or organisation, a US address, or the US indicia listed above would be examples of information indicating that an entity is a Specified US Person.

Although there is no exemption from a paper record search for pre-existing entity accounts, as is the case for High Value individual accounts, a paper record search will not be required in areas where all of the information is electronically searchable.

If the account holder is found to be a Specified US Person then the account should be treated as reportable unless a self certification is obtained from the account holder that shows that the account holder is not a Specified US Person or it can be reasonably determined from information held or that is publically available, that the account holder is not a Specified US Person.

Article 1 of the Agreement includes a list of exceptions for Specified US Persons at definition gg. To avoid unnecessary reporting, a self certification may be obtained from any entity that is believed to be within this definition, but where there is insufficient information held by the Financial Institution to allow it to make a correct determination.