676 Acta Apostolicae Sedis - Commentarium Officiale

(2) A self-certification (which may be on an IRS Form W-8 or W-9, or on a similar agreed form) from the Account Holder or such Con- trolling Person in the case of a Preexisting Entity Account held by one or more NFFEs with an account balance or value that exceeds $1,000,000.

d) If any Controlling Person of a Passive NFFE is a U.S. citizen or resi- dent, the account shall be treated as a U.S. Reportable Account.

E. Timing of Review and Additional Procedures Applicable to Preexisting En- tity Accounts.

1. Review of Preexisting Entity Accounts with an account balance or value that exceeds $250,000 as of the Determination Date must be completed within two years from the Determination Date.

2. Review of Preexisting Entity Accounts with an account balance or value that does not exceed $250,000 as of the Determination Date, but exceeds $1,000,000 as of December 31 of 2015 or any subsequent year, must be completed within six months after the last day of the calendar year in which the account balance or value exceeds $1,000,000.

3. If there is a change of circumstances with respect to a Preexisting Enti- ty Account that causes the Reporting HS/VCS Financial Institution to know, or have reason to know, that the self-certification or other doc- umentation associated with an account is incorrect or unreliable, the Reporting HS/VCS Financial Institution must redetermine the status of the account in accordance with the procedures set forth in paragraph D of this section.

V. New Entity Accounts. The following rules and procedures apply for purposes of identifying U.S. Reportable Accounts and accounts held by Nonparticipating Financial Institutions among Financial Accounts held by Entities and opened af- ter the Determination Date ("New 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 New 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 election, a credit card account or a revolving credit facility treated as a New Entity Account is not required to be reviewed, identified, or reported, provided that the Reporting HS/VCS Financial Institution maintaining such account imple-