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5. A Reporting HS/VCS Financial Institution must implement procedures to ensure that a relationship manager identifies any change in circum- stances of an account. For example, if a relationship manager is noti- fied that the Account Holder has a new mailing address in the United States, the Reporting HS/VCS Financial Institution is required to treat the new address as a change in circumstances and, if it elects to apply subparagraph B(4) of this section, is required to obtain the appropriate documentation from the Account Holder.

F. Preexisting Individual Accounts That Have Been Documented for Certain Other Purposes. A Reporting HS/VCS Financial Institution that has previ- ously obtained documentation from an Account Holder to establish the Ac- count Holder's status as neither a U.S. citizen nor a U.S. resident in order to meet its obligations under a qualified intermediary, withholding foreign partnership, or withholding foreign trust agreement with the IRS, or to fulfill its obligations under chapter 61 of Title 26 of the United States Code, is not required to perform the procedures described in subparagraph B(1) of this section with respect to Lower Value Accounts or subparagraphs D(1) through D(3) of this section with respect to High Value Accounts.

III. New Individual Accounts. The following rules and procedures apply for pur- poses of identifying U.S. Reportable Accounts among Financial Accounts held by individuals and opened after the Determination Date ("New Individual Accounts").

A. Accounts Not Required to Be Reviewed, Identified, or Reported. Unless the Reporting HS/VCS Financial Institution elects otherwise, either with respect to all New Individual 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, the fol- lowing New Individual Accounts are not required to be reviewed, identified, or reported as U.S. Reportable Accounts:

1. A Depository Account unless the account balance exceeds $50,000 at the end of any calendar year or other appropriate reporting period.

2. A Cash Value Insurance Contract unless the Cash Value exceeds $50,000 at the end of any calendar year or other appropriate reporting period.

B. Other New Individual Accounts. With respect to New Individual Accounts

not described in paragraph A of this section, upon account opening (or

within 90 days after the end of the calendar year in which the account ceas-

es to be described in paragraph A of this section), the Reporting HS/VCS

Financial Institution must obtain a self-certification, which may be part of