IEIM402515 | Due Diligence: General Requirements: Timetable

General Requirements: Timetable

Due diligence requirements apply for ‘new’ accounts [see IEIM403120] and ‘pre-existing’ accounts [see IEIM402640].

For new accounts, due diligence should be carried out at onboarding, see IEIM403120 (Individual Accounts) and IEIM403440 (Entity Accounts).

CRS

For preexisting accounts, the timetable for carrying out due diligence is as shown below:

Individual High Value accounts (see IEIM402900) by 31 December 2016

Individual Lower Value accounts (see IEIM402650) by 31 December 2017

Entity accounts (see IEIM403220) by 31 December 2017

CRS2.0

For preexisting accounts that are Financial Accounts solely due to the implementation of CRS2.0, the timetable for carrying out due diligence is:

Individual High Value accounts (see IEIM402900) by 31 December 2026

Individual Lower Value accounts (see IEIM402650) by 31 December 2027

Entity accounts (see IEIM403220) by 31 December 2027

Where accounts are:

1. Financial Accounts solely due to the implementation of CRS 2.0 and

2. Pre-existing Accounts by virtue of the Commentary to Section VIII of the CRS, paragraph 82

then Financial Institutions may rely on the original due diligence.