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No, a member financial institution (FI) of an expanded affiliated group (EAG) cannot create its own FATCA account. The lead FI is responsible for creating all member accounts and providing each member FI with its login credentials. Once the account is created by the lead FI, either the lead or the member can complete and submit the registration. This ensures that all FFIs within the same EAG are registered under the appropriate lead FI, maintaining compliance with FATCA requirements.
Sources:
§ 1.1471-1. Scope of chapter 4 and definitions.
Instructions for Form 8957 (06/2018)
News Analysis: Who's in a FATCA Expanded Affiliated Group?
§ 1.1471-4. FFI agreement.
