Acta Francisci Pp. 673

B. Entity Accounts Subject to Review. A Preexisting Entity Account that has

an account balance or value that exceeds $250,000 as of the Determination

Date, and a Preexisting Entity Account that does not exceed $250,000 as of

the Determination Date but the account balance or value of which exceeds

$1,000,000 as of the last day of 2015 or any subsequent calendar year, must

be reviewed in accordance with the procedures set forth in paragraph D of

this section.

C. Entity Accounts With Respect to Which Reporting Is Required. With re-

spect to Preexisting Entity Accounts described in paragraph B of this sec-

tion, only accounts that are held by one or more Entities that are Specified

U.S. Persons, or by Passive NFFEs with one or more Controlling Persons

who are U.S. citizens or residents, shall be treated as U.S. Reportable Ac-

counts. In addition, accounts held by Nonparticipating Financial Institu-

tions shall be treated as accounts for which aggregate payments as de-

scribed in subparagraph 1(b) of Article 4 of the Agreement are reported to

the HS/VCS Competent Authority.

D. Review Procedures for Identifying Entity Accounts With Respect to Which

Reporting Is Required. For Preexisting Entity Accounts described in para-

graph B of this section, the Reporting HS/VCS Financial Institution must

apply the following review procedures to determine whether the account is

held by one or more Specified U.S. Persons, by Passive NFFEs with one or

more Controlling Persons who are U.S. citizens or residents, or by Nonpar-

ticipating Financial Institutions:

1. Determine Whether the Entity Is a Specified U.S. Person.

a) Review information maintained for regulatory or customer relation-

ship purposes (including information collected pursuant to AML/

KYC Procedures) to determine whether the information indicates

that the Account Holder is a U.S. Person. For this purpose, informa-

tion indicating that the Account Holder is a U.S. Person includes a

U.S. place of incorporation or organization, or a U.S. address.

b) If the information indicates that the Account Holder is a U.S. Person,

the Reporting HS/VCS Financial Institution must treat the account

as a U.S. Reportable Account unless it obtains a self-certification

from the Account Holder (which may be on an IRS Form W-8 or W-9,

or a similar agreed form), or reasonably determines based on infor-