The FATCA (Foreign Account Tax Compliance Act) Registration System is a secure, web-based platform designed for financial institutions (FIs) and direct reporting non-financial foreign entities (NFFEs) to register, renew agreements, and certify their compliance with FATCA requirements. This system allows users to manage their registration and compliance activities online.
Key features and functionalities of the FATCA Registration System include:
- Registration and Renewal:
- Financial institutions and direct reporting NFFEs can register themselves and their branches online.
- The system also allows for the renewal of FFI agreements to maintain approved status.
- Certification:
- Users can complete certifications of preexisting accounts and periodic certifications through the system.
- User Account Management:
- Financial institutions can create accounts, input required information, and manage their registration details.
- The system saves all input information automatically, associating it with the financial institution's account.
- Interaction with IRS:
- The system serves as the primary means for FFIs to interact with the IRS for completing required registrations, agreements, and certifications.
- Financial institutions can modify or add registration information and finalize their registration by submitting the information as final.
- Access and Navigation:
- Users can access the FATCA Online Registration System from the FATCA Registration Landing Page and navigate to the FATCA Financial Institution Account User Login page.
- Types of Registrations:
- The system supports various types of registrations, including:
- Participating Foreign Financial Institution (PFFI)
- Direct Reporting NFFE
- Registered Deemed-Compliant FFIs (such as Local FFIs, Qualified Collective Investment Vehicles, Qualified Credit Card Issuers or Servicers, and Restricted Funds)
- Reporting Financial Institutions under Model 1 and Model 2 IGAs
- Sponsoring Entities of Sponsored Direct Reporting NFFEs and Sponsored FFIs
- Trustee Documented Trusts
- U.S. Financial Institutions
- GIIN Issuance:
- The IRS issues Global Intermediary Identification Numbers (GIINs) to registered entities, which are necessary for compliance and reporting purposes.
The FATCA Registration System is integral to ensuring that foreign financial institutions and other relevant entities comply with FATCA's due diligence, withholding, and reporting requirements, thereby aiding in the identification and reporting of U.S. accounts held abroad.
Sources:
Publication 5118 (07/2021)
§ 1471. Withholdable payments to foreign financial institutions
Notice 2013-69
Notice 2013-43
§ 1472. Withholdable payments to other foreign entities
