672 Acta Apostolicae Sedis - Commentarium Officiale

the account opening documentation, that allows the Reporting HS/VCS Financial Institution to determine whether the Account Holder is resident in the United States for tax purposes (for this purpose, a U.S. citizen is considered to be resident in the United States for tax purposes, even if the Account Holder is also a tax resident of another jurisdiction) and confirm the reasonableness of such self-certification based on the information ob- tained by the Reporting HS/VCS Financial Institution in connection with the opening of the account, including any documentation collected pursu- ant to AML/KYC Procedures.

1. If the self-certification establishes that the Account Holder is resident in the United States for tax purposes, the Reporting HS/VCS Financial In- stitution must treat the account as a U.S. Reportable Account and obtain a self-certification that includes the Account Holder's U.S. TIN (which may be an IRS Form W-9 or other similar agreed form).

2. If there is a change of circumstances with respect to a New Individual Ac- count that causes the Reporting HS/VCS Financial Institution to know, or have reason to know, that the original self-certification is incorrect or unreliable, the Reporting HS/VCS Financial Institution cannot rely on the original self-certification and must obtain a valid self-certification that establishes whether the Account Holder is a U.S. citizen or resident for U.S. tax purposes. If the Reporting HS/VCS Financial Institution is unable to obtain a valid self-certification, the Reporting HS/VCS Fi- nancial Institution must treat the account as a U.S. Reportable Account.

IV. Preexisting Entity Accounts. The following rules and procedures apply for purposes of identifying U.S. Reportable Accounts and accounts held by Nonpar- ticipating Financial Institutions among Preexisting Accounts held by Entities ("Preexisting Entity Accounts").

A. Entity Accounts Not Required to Be Reviewed, Identified or Reported. Un- less the Reporting HS/VCS Financial Institution elects otherwise, either with respect to all Preexisting Entity Accounts or, separately, with respect to any clearly identified group of such accounts, where the implementing rules in the Holy See or the Vatican City State provide for such an election, a Preexisting Entity Account with an account balance or value that does

not exceed $250,000 as of the Determination Date, is not required to be

reviewed, identified, or reported as a U.S. Reportable Account until the

account balance or value exceeds $1,000,000.