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FATCA Registration Process for Financial Institutions

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The Foreign Account Tax Compliance Act (FATCA) requires Financial Institutions (FIs) to register with the IRS. The registration process involves several parts, which are outlined below.

Part 1: Basic Information

Step 1: Provide Basic Information

  • FIs must provide basic information about themselves, including:
    • Name
    • Address
    • Tax Identification Number

Step 2: Select Applicable Status

  • FIs must select the statuses for which they are registering, such as:
    • Qualified Intermediary (QI)
    • Withholding Foreign Partnership (WP)
    • Withholding Foreign Trust (WT)

Part 2: Leads Information

Step 1: Provide Member Information

  • Leads must provide information about Members of their Expanded Affiliated Group.

Part 3: QI, WP, or WT Certification

Step 1: Certify Accuracy and Completeness

  • FIs currently acting as a QI, WP, or WT must certify the accuracy and completeness of the information provided in the FATCA Registration form.
  • They must also agree to comply with their FATCA obligations.

Part 4: Final Certification

Step 1: Certify Accuracy and Completeness (Again)

  • FIs must certify that the information provided is accurate and complete.
  • They must also agree or confirm that they will comply with their FATCA obligations, if applicable.

The Registration Process

  1. Create an Account: Create a user account to access the online registration form.
  2. Complete the Form: Complete the relevant parts of the form, including Part 1, Part 2, and Part 3 (if applicable).
  3. Electronically Sign and Submit: Electronically sign and submit the completed form.
  4. Wait for Approval: Wait for approval from the IRS.
  5. Receive GIIN: Receive a Global Intermediary Identification Number (GIIN) upon approval.

Note

  • The type of FI determines which registration questions it must answer.
  • Leads will provide information about Members of their Expanded Affiliated Group, while Sponsoring Entities will select “None of the Above” for Question 4, “Not applicable” for Question 6, and “No” for Question 7 to skip to Question 10.