IEIM402910 - Due Diligence: Pre-Existing Individual Accounts: Higher Value Accounts: Introduction

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.

The 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.

The 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].

The 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].