FATCA at Moodys Gartner Tax Law 1 | Page 23

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(3) High-value accounts—those exceeding us $1 million—must be reviewed by an electronic record search for US indicia (the same indicia listed for lower-value accounts). In addition, certain paper records must be searched to the extent that the electronic search is insufficient to collect other specified information. These searches must be completed by June 30, 2015, and reporting Canadian financial institutions must identify and report such high-value us reportable accounts to the irs. Additionally, reporting Canadian financial institutions must question a high-value account holder’s “relationship manager,” or investment adviser, to determine whether the manager actually knows that the holder is a specified us person.