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FATCA Registration System Gets Update: New Features and Changes

The Foreign Account Tax Compliance Act (FATCA) registration system has undergone significant changes, introducing new features and updates to enhance user experience. The latest update includes expanded fields for Financial Institution (FI) legal names, improved printing capabilities, and enhanced table download options.

Expanded FI Legal Name Fields

Financial Institutions can now include special characters such as brackets, curly brackets, and parentheses in their legal names for questions 2, 12, 13, and 15. The character limit has also been increased to 150 characters. This change aims to provide more flexibility and accuracy when registering.

Printing Registration Form

Financial Institutions can now download and print their complete registration form data in PDF format from their homepage, providing a convenient way to review and verify information.

New POC and PAI Contract Table Download Options

FIs can now download POC and PAI contract tables in PDF and CSV formats from their homepage or within the registration form. This feature allows for easier data analysis and management.

Updated Member and Branch Table Download Options

In addition to PDF format, FIs can now download member and branch tables in CSV format from their homepage or within the registration form. This change provides more flexibility and convenience when working with data.

FATCA IDs are no longer case sensitive when logging in, making it easier for FIs to access their accounts.

Registration Incomplete Status

If an FI edits their registration information, the status will not automatically change to “Initiated.” Instead, the FI’s status will remain “Registration Incomplete” until they resubmit the updated information.

These changes aim to improve the overall user experience and make it easier for Financial Institutions to register and comply with FATCA regulations. For more information on these updates and other changes, refer to Appendix A – Updated and New User Guide Content.

What’s New in this User Guide

This user guide provides step-by-step instructions for completing the registration process online, including what information is required and how registration will vary depending on the type of FI. The guide reflects the most current instructions to the registration system and is designed to help users resolve any ambiguities or conflicts.

GIIN Issuance and Published List

Upon registering with FATCA, a Financial Institution will be issued a Global Intermediary Identification Number (GIIN) and will be identified on a published list available at www.irs.gov/fatca . The GIIN may be used by an FI to identify itself to withholding agents and tax administrators for FATCA reporting.

The updated FATCA registration system is designed to simplify the compliance process, reduce errors, and improve data management. By understanding these changes, Financial Institutions can ensure a smoother registration experience and better comply with FATCA regulations.