Common use of Paper Record Search Clause in Contracts

Paper Record Search. If the Reporting Cayman Islands Financial Institution’s electronically searchable databases include fields for and capture all of the information identified in subparagraph D.3. of this section, then no further paper record search is required. If the electronic databases do not capture all of this information, then with respect to High Value Accounts, the Reporting Cayman Islands Financial Institution must also review the current customer master file and, to the extent not contained in the current customer master file, the following documents associated with the account and obtained by the Reporting Cayman Islands Financial Institution within the last five years for any of the United Kingdom indicia identified in subparagraph B.1. of this section: a) the most recent documentary evidence collected with respect to the account; b) the most recent account opening contract or documentation; c) the most recent documentation obtained by the Reporting Cayman Islands Financial Institution pursuant to AML/KYC Procedures or for other regulatory purposes; d) any power of attorney or signature authority forms currently in effect; e) in the case of Financial Accounts other than Depository Accounts, any standing instructions to transfer funds currently in effect.

Paper Record Search. If the Reporting Cayman British Virgin Islands Financial Institution’s electronically searchable databases include fields for and capture all of the information identified in subparagraph D.3. of this section, then no further paper record search is required. If the electronic databases do not capture all of this information, then with respect to High Value Accounts, the Reporting Cayman British Virgin Islands Financial Institution must also review the current customer master file and, to the extent not contained in the current customer master file, the following documents associated with the account and obtained by the Reporting Cayman British Virgin Islands Financial Institution within the last five years for any of the United Kingdom indicia identified in subparagraph B.1. of this section: a) the most recent documentary evidence collected with respect to the account; b) the most recent account opening contract or documentation; c) the most recent documentation obtained by the Reporting Cayman British Virgin Islands Financial Institution pursuant to AML/KYC Procedures or for other regulatory purposes; d) any power of attorney or signature authority forms currently in effect; e) in the case of Financial Accounts other than Depository Accounts, any standing instructions to transfer funds currently in effect.