What is the FATCA registration system?

Purpose of FATCA Registration

The Foreign Account Tax Compliance Act (FATCA) registration system serves as a secure, web-based platform that allows various types of financial institutions (FIs) and direct reporting non-financial foreign entities (NFFEs) to register with the Internal Revenue Service (IRS). The primary purposes of FATCA registration are:

- To identify FIs to the IRS and provide them with a Global Intermediary Identification Number (GIIN).

- To facilitate compliance with FATCA reporting requirements.

- To help FIs avoid being subject to withholding on certain types of payments originating from the U.S.

Entities that can register include Participating Foreign Financial Institutions, Registered Deemed-Compliant FFIs, Direct Reporting NFFEs, Sponsoring Entities, and others as outlined in the FATCA Online Registration System User Guide.

Process of FATCA Registration

The registration process involves several steps:

1. System Access and Account Creation

  - Access the FATCA Online Registration System.

  - Create a new account for Single, Lead, and Sponsoring Entities.

2. Completing the Registration Form

  - Provide the required information in a four-part form, which includes:

    - Part 1: Identification of the FI.

    - Part 2: Identification of each Member FI (if applicable).

    - Part 3: Additional information based on the FI's category.

    - Part 4: Electronic submission of the form.

3. Review and Submission

  - Review the information provided for accuracy.

  - Submit the registration electronically to the IRS.

4. Approval and GIIN Assignment

  - Upon approval, the FI receives a GIIN.

  - The GIIN is used to identify the FI for FATCA reporting purposes.

5. Inclusion on the IRS FFI List

  - The FI's GIIN is included on the monthly updated IRS FFI List.

  - The FFI List is used by withholding agents and tax administrators to verify an institution's FATCA status.

6. Certifications

  - Certain FIs are required to complete certifications regarding their pre-existing accounts (COPA) and periodic certifications to confirm compliance with FATCA requirements.

7. Renewal of FFI Agreement

  - Some FIs must renew their FFI agreement periodically to maintain their approved status on the FFI List.

For detailed instructions and additional resources, entities can refer to the [FATCA Online Registration System User Guide] and the [FATCA Registration System FAQs].

Additional Information

- The [FATCA Registration System Updates] page provides information on the latest changes to the registration system.

- Entities can search and download a monthly list of approved foreign institutions with a GIIN from the [FATCA FFI List Resources Page].

- The [GIIN Composition Information] page explains the structure of the GIIN and how it is used.

Entities should ensure that their FATCA classification is up-to-date to avoid inapplicable certification-related notices and to comply with the FATCA requirements effectively.

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Sources:

FATCA Foreign Financial Institution Registration System 2024-08-03

Foreign Account Tax Compliance Act (FATCA) | Internal Revenue Service 2024-08-03

Information for foreign financial institutions | Internal Revenue Service 2024-08-03

Frequently Asked Questions (FAQs) - FATCA Registration System 2024-08-01

Publication 5118 (Rev. 9-2024), Foreign Account Tax Compliance Act FATCA Online Regis ration 2024-08-03

Frequently Asked Questions FAQs FATCA Compliance Legal | Internal Revenue Service 2024-08-03

FATCA registration and FFI list: GIIN composition information 2024-08-02

FFI List Resources Page | Internal Revenue Service 2024-08-03

FATCA information for United States entities | Internal Revenue Service 2024-08-02

FATCA registration system updates - Internal Revenue Service 2024-07-30