IEIM402847 - Pre-Existing Individual Accounts: Lower Value Accounts: Standing Instructions

Due Diligence: Pre-Existing Individual Accounts: Lower Value Accounts: Standing Instructions

Where at the time of review there are current standing instructions to transfer funds to an account maintained in a Reportable Jurisdiction, the account must be reported unless the UK Financial Institution obtains or currently maintains a record of:

• a self-certification that the Account Holder is not tax resident in the Reportable Jurisdiction; and

• a form of acceptable documentary evidence which establishes the Account Holder’s non-reportable status. [see IEIM402760]

There will be a standing instruction if the Account Holder has mandated the Financial Institution to make repeat payments without further instruction from the Account Holder, to another account that can be clearly identified as being an account maintained in a Reportable Jurisdiction.

Instructions to make an isolated payment will not be a standing instruction even when given significantly in advance of the payment being made.