Regulations Governing the Implementation of the Common Standard on Reporting and Due Diligence for Financial Institutions Article 33

A Reporting Financial Institution shall perform the due diligence on Preexisting Individual Accounts, New Individual Accounts, Preexisting Entity Accounts, and New Entity Accounts in accordance with the procedures and time limits in this Chapter to identify Foreign Accounts and Reportable Accounts. A Reporting Financial Institution may apply the due diligence procedures for High Value Accounts to Lower Value Accounts. Where a Reporting Financial Institution applies the due diligence procedures for Preexisting Accounts to such Accounts, the procedures may be supplemented with the due diligence procedures for New Accounts.A Reporting Financial Institution, which pursuant to the provisions in this Chapter, reviews and identifies any Foreign Account not a Reportable Account at the time the due diligence is performed, may rely on the outcome of the first review after the implementation of these Regulations and report the information pursuant to the provisions in Chapter 4, if such a Foreign Account becomes a Reportable Account in subsequent years.