IEIM402720 - Due Diligence: Pre-Existing Individual Accounts: Lower Value Accounts: Current Residence Address

Due Diligence: Pre-Existing Individual Accounts: Lower Value Accounts: Current Residence Address

CRS Only

The residence address held by a Reporting Financial Institution must be current. A residence address is considered to be current where it is the most recent address that the Financial Institution has recorded for the Account Holder. Such an address will not be regarded as current if it has been used for mailing purposes and mail has been returned undeliverable-as-addressed other than due to an error and the account has a ‘flag’ on it to that effect.

If mail has been returned and the account (other than an Annuity Contract) is dormant then the residence address may continue to be regarded as current in certain circumstances [see IEIM402740].