Update: FATCA Financial Institution Registration

January 9, 2014

 Since the IRS FATCA registration website has become available (Aug 19 2013) financial institution registration has begun. If you have enter data into your FATCA account after Aug 19 2013, it has been saved into the registration system for your financial institution account. Notice 2013-43 from the IRS notifies us a several important features to the registration system and its time line for add-in or corrections. Any information entered in the system before the official opening of the FATCA Financial Institution registration system will not be regarded as a final submission. After January 1st, 2014 all registering financial institutions must log into the account to sign the Foreign Financial Institution (FFI) agreement and submit information as final submission.   The FATCA registration is not necessary in many categories of FFIs- including:
  • Most government entities
  • Most non-profits organizations
  • Certain small, local financial institutions
  • Certain  retirement entities
  • FFIs include but are not limited to:
    • Depository institutions (ie. banks)
    • Custodial institutions (ie. mutual funds)
    • Investment entities (ie. hedge funds)
    • Certain types of insurance companies with cash value products/ annuities
Source: IRS.gov