A Preexisting Entity Account with an aggregate account balance or value that does not exceed USD 250,000 as of 31 December 2018, is not required to be reviewed, identified, or reported.
A Preexisting Entity Account that has an aggregate account balance or value that exceeds USD 250,000 as of 31 December 2018, or as of the last day of any subsequent calendar year, shall be reviewed in accordance with the procedures set forth in Article 42 and Article 43.

A Reporting Financial Institution shall review information maintained for regulatory or customer relationship purposes, including information collected pursuant to AML/KYC Procedures, to identify a Preexisting Entity Account Holder’s resident countries or jurisdictions.
If a Preexisting Entity Account Holder is identified to be a resident in a Reportable Jurisdiction in accordance with the preceding paragraph, such account shall be treated as a Reportable Account, unless the Reporting Financial Institution reasonably determines, based on a self-certification provided by the Account Holder, information in its possession or that is publicly available, that such Account Holder is not a resident in such Reportable Jurisdiction.

A Reporting Financial Institution shall review whether a Preexisting Entity Account Holder is a Passive NFE, and determine the resident countries or jurisdictions of Controlling Persons of a Passive NFE in accordance with the following provisions:
1. Obtaining a self-certification from the Account Holder to determine whether the Account Holder is a Passive NFE, unless it has information in its possession or that is publicly available, based on which it can reasonably determine that such Account Holder is not a Passive NFE.
2. Relying on information collected and maintained pursuant to AML/KYC Procedures or other information, to determine the Controlling Persons of such Passive NFE.
3. Relying on a self-certification provided by a Passive NFE or the Controlling Persons of such Passive NEF to specify the resident countries or jurisdictions of such Controlling Persons. However, in the case of a Preexisting Entity Account with an aggregate account balance or value that does not exceed USD 1,000,000, the Reporting Financial Institution may rely on information collected and maintained pursuant to AML/KYC Procedures.
4. If a self-certification is not able to be obtained in accordance with the procedures in the preceding subparagraph, Article 38 is applicable to determine the resident countries or jurisdictions of such Controlling Persons.
If the Preexisting Entity Account Holder is determined to be a Passive NFE, and any of the Controlling persons of such Passive NFE is a resident of a Reportable Jurisdiction in accordance with the preceding paragraph, such account shall be treated as a Reportable account.

A Reporting Financial Institution shall complete the review procedures for Preexisting Entity Accounts by 31 December 2020.
A Preexisting Entity Account with an aggregate account balance or value that does not exceed USD 250,000 as of 31 December 2018 but exceeds USD 250,000 as of the last day of any subsequent calendar year, a Reporting Financial Institution shall complete its review within the calendar year following the year in which the amount exceeds USD 250,000 in accordance with the preceding two articles.
If there is a change of circumstances with respect to a Preexisting Entity Account that causes a Reporting Financial Institution to know, or have reason to know, that the self-certification or other documentation associated with such account is incorrect or unreliable, the Reporting Financial Institution shall re-determine the status of the account in accordance with the preceding two articles.