670 Acta Apostolicae Sedis - Commentarium Officiale

complete the enhanced review procedures described in paragraph D of this section with respect to such account within one year from the Deter- mination Date. If based on this review such account is identified as a U.S. Reportable Account on or before December 31, 2014, the Reporting HS/ VCS Financial Institution must report the required information about such account with respect to 2014 in the first report on the account and on an annual basis thereafter. In the case of an account identified as a U.S. Reportable Account after December 31, 2014, the Reporting HS/ VCS Financial Institution is not required to report information about such account with respect to 2014, but must report information about the account on an annual basis thereafter.

2. If a Preexisting Individual Account is not a High Value Account as of the Determination Date, but becomes a High Value Account as of the last day of 2015 or any subsequent calendar year, the Reporting HS/VCS Financial Institution must complete the enhanced review procedures described in paragraph D of this section with respect to such account within six months after the last day of the calendar year in which the account becomes a High Value Account. If based on this review such account is identified as a U.S. Reportable Account, the Reporting HS/VCS Financial Institution must report the required information about such account with respect to the year in which it is identified as a U.S. Reportable Account and subsequent years on an annual basis, unless the Account Holder ceases to be a Specified U.S. Person.

3. Once a Reporting HS/VCS Financial Institution applies the enhanced review procedures described in paragraph D of this section to a High Value Account, the Reporting HS/VCS Financial Institution is not re- quired to re-apply such procedures, other than the relationship manager inquiry described in subparagraph D(4) of this section, to the same High Value Account in any subsequent year.

4. If there is a change of circumstances with respect to a High Value Ac- count that results in one or more U.S. indicia described in subparagraph B(1) of this section being associated with the account, then the Report- ing HS/VCS Financial Institution must treat the account as a U.S. Re- portable Account unless it elects to apply subparagraph B(4) of this sec-

tion and one of the exceptions in such subparagraph applies with respect

to that account.