»Ê¹ÚÌåÓýapp

Due Diligence: Pre-Existing Individual Accounts: Higher Value Accounts: Introduction

High value pre-existing accounts are accounts with an aggregated balance or value [see IEIM403560] that exceeds $1million at the date that the pre-existing accounts first need to be reviewed [see IEIM400500] or at any 31 December following the initial review date.

»Ê¹ÚÌåÓýapp aggregated amount is that across all accounts held by the individual with the Financial Institution and includes accounts held by related entities [see IEIM404000] of the Financial Institution.

When an account is identified as a High Value Account the residence address test [see IEIM402680] may not be used to establish the residence jurisdiction of the Account Holder.

»Ê¹ÚÌåÓýapp Financial Institution must start with the electronic record search [see IEIM402920] and then continue, where appropriate, with a paper record search [see IEIM402940] and a relationship manager inquiry [see IEIM402980].

»Ê¹ÚÌåÓýapp Financial Institution may choose to apply the new account procedures and seek self-certifications from Account Holders rather than carry out the due diligence for pre-existing High Value Accounts [see IEIM402620].