Part 2 General Due Diligence requirements
A. A Reporting Financial Institution must establish, maintain and document the due diligence procedures set out in Parts 2 through 7 that are designed to identify Reportable Accounts maintained by the Reporting Financial Institution.
B. An account is treated as a Reportable Account beginning as of the date it is identified as such pursuant to the due diligence procedures in Parts 2 through 7 and, unless otherwise provided, information with respect to a Reportable Account must be reported annually in the calendar year following the year to which the information relates.
C. The balance or value of an account is determined as of the last day of the calendar year.
D. Where a balance or value threshold is to be determined as of the last day of a calendar year, the relevant balance or value must be determined as of the last day of the reporting period that ends with or within that calendar year.
E. A Reporting Financial Institutions may use a service provider to fulfil the reporting and due diligence obligations imposed on such Reporting Financial Institution, but these obligations shall remain the responsibility of the Reporting Financial Institutions.
F. A Reporting Financial Institutions may apply
(a) the due diligence procedures for New Accounts to all Pre-existing Accounts or with respect to any clearly identified group of Pre-existing Accounts, and the rules otherwise applicable to Pre-existing Accounts continue to apply; and
(b) the due diligence procedures for High Value Accounts to Lower Value Accounts.
|Amended on (25 June, 2020).|