Paper Record Search definition
Paper Record Search. Preexisting High Value Accounts The Commentary on Section III, paragraph 36 states that “If the Reporting Financial Institution’s electronically searchable information does not include all the information described in subparagraph C(3), then the Reporting Financial Institution is only required to perform the paper record search with respect to the information described in subparagraph C(3) that is not included in its electronically searchable information.” In a case where the only information that is unavailable in the Reporting SGFI’s electronically searchable information is the Account Holder’s residence status described in subparagraph C(3)(a) of Section III, and the Reporting SGFI does not collect or maintain such information in its paper records, please clarify if the Reporting SGFI is still required to perform the paper record search with respect to the Account Holder’s residence status. In the scenario described above, where the Reporting SGFI is certain that it does not collect or maintain the Account Holder’s residence status information in paper records when the enhanced review procedures with respect to the Preexisting High Value Accounts are applied, it need not perform a paper record search for the Account ▇▇▇▇▇▇’s residence status. If the residence status of the Account Holder is found to be available in the Reporting SGFI’s paper records, the FI has to explain why it had not complied with the relevant CRS due diligence requirements when reviewing the Preexisting High Value Accounts. Added on: 15 Feb 2017