Financial Crime World

User Guide for FATCA Filing System

Introduction

This user guide outlines the steps to complete and submit a FATCA (Foreign Account Tax Compliance Act) filing manually, as well as the process for uploading draft filings in XML format.

Draft Filings - XML Upload

When uploading an XML file, you will receive a successful upload message. Selecting a filing is similar to uploading an XML file. To ensure that your filing is complete, all mandatory items must be completed before reaching the “Ready to Submit” status. The validation rules for this process are expressed by the XSD (XML Schema Definition).

Key Points

  • Successful upload message is displayed after uploading an XML file
  • Selecting a filing is similar to uploading an XML file
  • All mandatory items must be completed before reaching “Ready to Submit” status
  • Validation rules are expressed by the XSD (XML Schema Definition)

Draft Filings - Manual Filings

When selecting a filing manually, you will need to complete the General Information form. This form includes:

Required Fields

  • Document Type
  • Message Reference
  • GIIN (Global Intermediary Identification Number)
  • Corresponding Message Reference

US FATCA Filing

A financial institution can create multiple folders for a FATCA filing, such as sponsoring entities with multiple Financial Institutions (FFIs). Each US FATCA filing requires completion of the Reporting FI Information section.

Key Points

  • A financial institution can create multiple folders for a FATCA Filing
  • Each US FATCA Filing requires completion of the Reporting FI Information section

Reporting FI Information

This section includes:

Required Fields

  • Identification of Filer
  • Reporting FI Name
  • Taxpayer Identification Number (TIN)
  • Address
  • Is a Sponsoring Entity applicable?
  • If yes, items 1-4 are repeated for the sponsoring entity

Account Information

A new instance of the Account Information form can be added for each individual account. This section includes:

Required Fields

  • Account Holder or Payee Information
  • Identifying Information of U.S. Owners that are specified U.S. Persons
  • Financial Information

Submitting Manually Completed Filings

Before submitting a manually completed filing, all mandatory filing sections must have a status of “Ready to Submit”. Upon submission, the file will be executed for submission rules and must be corrected before it can be successfully submitted. After successful submission, the file is no longer available in Draft Filings and is now available for review by the Competent Authority.

Key Points

  • All mandatory filing sections must have a status of “Ready to Submit” before submitting
  • Submission rules are executed on submission and must be corrected before the file can be successfully submitted
  • Upon successful submission, the file is no longer available in Draft Filings and is now available for review by the Competent Authority