Update: FATCA Financial Institution Registration

Since the IRS FATCA registration website has become available (Aug 19 2013) financial institution registration can begin. 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 regulations exempt many categories of FFIs from the requirement to register and report, including
  • Most governmental entities
  • Most non-profit organizations
  • Certain small, local financial institutions
  • Certain retirement entities
  • FFIs include, but are not limited to:
  • Depository institutions (for example, banks)
  • Custodial institutions (for example, mutual funds)
  • Investment entities (for example, hedge funds or private equity funds)
  • Certain types of insurance companies that have cash value products or annuities

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