A Preexisting Individual Account that is a Cash Value Insurance Contract or an Annuity Insurance Contract is not required to be reviewed, identified, or reported, provided that such Contract is prevented by law from being sold to residents of a Reportable Jurisdiction.

A Lower Value Account shall be reviewed by applying any of the following procedures:
1. Residence address test: a Reporting Financial Institution shall review a current residence address for the Account Holder based on Documentary Evidence in its records.
2. Electronic record search: a Reporting Financial Institution shall review electronic records maintained by the Reporting Financial Institution for any of the following indicia associated with the Account Holder:
(1) Identification as a resident of a Foreign Jurisdiction.
(2) Current residence or mailing address in a Foreign Jurisdiction.
(3) Telephone numbers in a Foreign Jurisdiction and no telephone number in the ROC.
(4) Standing instructions with respect to a Financial Account other than a Depository Account to transfer funds to an account maintained in a Foreign Jurisdiction.
(5) Power of attorney or signatory authority granted to a person with an address in a Foreign Jurisdiction.
(6) Only an “in-care-of” address or “hold mail” instruction in a Foreign Jurisdiction.
If a current residence address of the Account Holder is determined to be located in a Reportable Jurisdiction in accordance with subparagraph 1 of the preceding paragraph, such Account Holder is treated as a resident of such jurisdiction, and such account is a Reportable Account.
If a current residence address of the Account Holder is not able to be determined in accordance with subparagraph 1 of paragraph 1, the electronic record search shall be applied in accordance with subparagraph 2 of the same paragraph.

When searching the electronic record of an Account Holder in accordance with subparagraph 2 of paragraph 1 of the preceding article, or if there is a change in circumstances of an account, that results in one or more indicia described in items 1 through 5 of such subparagraph being associated with the account, the Account Holder shall be treated as the resident of the Foreign Jurisdiction. However, an Account Holder shall not be treated as a resident of a Foreign Jurisdiction under any of the following circumstances:
1. The electronic record contains any of the indicia described in items 2 through 4 of subparagraph 2 of paragraph 1 of the preceding article, and the Reporting Financial Institution maintains a self-certification specifying the jurisdictions of residences of the Account Holder other than such Foreign Jurisdiction, and Documentary Evidence establishing that the Account Holder is not a resident of such Foreign Jurisdiction.
2. The electronic record contains an indicium described in item 5 of subparagraph 2 of paragraph 1 of the preceding article, and the Reporting Financial Institution maintains a self-certification specifying the jurisdiction of residence of the Account Holder other than such Foreign Jurisdiction, or Documentary Evidence establishing that the Account Holder is not a resident of such Foreign Jurisdiction.
When searching electronic record of an Account Holder in accordance with subparagraph 2 of paragraph 1 of the preceding article only an indicium described in item 6 of such subparagraph is identified, the Reporting Financial Institution may apply paragraph 3 of Article 38 to review the paper record, or obtain a self-certification or Documentary Evidence from the Account Holder to identify his or her countries or jurisdictions of residences. If such paper record search fails to establish any of the indicia described in items 1 through 5 of subparagraph 2 of paragraph 1 of the preceding article, and the attempt to obtain the self-certification and Documentary Evidence from the Account Holder is not successful, the Reporting Financial Institution shall report such account as an undocumented account.
If the Account Holder is determined to be a resident of a Reportable Jurisdiction in accordance with the preceding two paragraphs, such account is a Reportable Account.

A High Value Account shall be subject to the electronic record search. The Reporting Financial Institution shall review the electronic record maintained by itself for any of the indicia described in subparagraph 2 of paragraph 1 of Article 36 associated with the Account Holder.
If the Reporting Financial Institution’s electronic record does not include any of the information in the following items, a paper record search is required to be performed for any uncontained information in such item in accordance with paragraph 3:
1. The Account Holder’s residence status.
2. The Account Holder’s current residence address and mailing address.
3. The Account Holder’s telephone numbers.
4. In the case of Financial Accounts other than Depository Accounts, whether there are standing instructions to transfer funds.
5. Whether there is any power of attorney or signatory authority.
6. Whether there is an “in-care-of” address or “hold mail” instruction.
When a High Value Account is undergone the paper record search, the current customer master file and, to the extent not contained in the current customer master file, the following documents associated with such account within the last 5 years shall be reviewed:
1. The most recent Documentary Evidence collected.
2. The most recent account opening contract or documentation.
3. The most recent documentation obtained pursuant to AML/KYC Procedures or for other regulatory purposes.
4. Any power of attorney or signature authority forms.
5. Any standing instructions other than with respect to a Depository Account to transfer funds.
The preceding article shall apply to the results of the electronic record search and the paper record search of a High Value Account.
If a relationship manager has actual knowledge that a High Value Account Holder is a resident of a Reportable Jurisdiction, such account shall be treated as a Reportable Account.
A Reporting Financial Institution shall implement relevant procedures to ensure that a relationship manager identifies any change in circumstances of an account.
A High Value Account reviewed in accordance with the procedures provided in the preceding six paragraphs shall be subject to the review procedures in accordance with paragraph 5 in subsequent years. However, an undocumented account shall be reviewed annually in accordance with the preceding six paragraphs.

A Reporting Financial Institution shall complete the reviewing procedures for High Value Accounts by 31 December 2019, and complete the reviewing procedures for Lower Value Accounts by 31 December 2020.
If a Lower Value Account becomes a High Value Account as of the last day of any subsequent calendar year, the Reporting Financial Institution shall complete its review in accordance with the preceding article within the calendar year following the year in which the account becomes a High Value Account.