Due Diligence: Pre-Existing Individual Accounts: Lower Value Accounts: Hold Mail or In-Care-Of Address Only
If a hold mail instruction or in-care-of address is discovered in the electronic record search of Lower Value Accounts, and no other address or indicia of residence are identified for the Account Holder, the Financial Institution must carry out a paper record search for indicia or request a self-certification or other documentary evidence from the Account Holder to establish the jurisdiction of tax residence of the Account Holder.
If the paper search fails to establish indicia and the Financial Institution cannot obtain a self-certification or documentary evidence from the Account Holder, the Financial Institution is required to treat the Account Holder as:
- A US Reportable Person for FATCA, and
- An undocumented account [see IEIM403100] for CRS.
The concept of an ‘undocumented account’ only exists for CRS and DAC reporting purposes. An undocumented account exists where the conditions above exist; that is: the only indicators that the Financial Institution hold are a hold mail or in-care-of address and the Financial Institution has been unable to obtain self-certification to cure the information held.
An undocumented account must be reported to HMRC using country code GB.