Financial Crime World

FATCA Regulations in Ireland: What You Need to Know

The Foreign Account Tax Compliance Act (FATCA) is a set of regulations imposed by the United States on foreign financial institutions (FFIs), including those in Ireland. In this article, we will provide an overview of FATCA regulations in Ireland and what you need to know.

What are FATCA Regulations?

FATCA requires Irish FFIs to report information on accounts held by US citizens and certain non-US entities to the Internal Revenue Service (IRS). This includes:

  • Reporting requirements: Irish FFIs must file an annual FATCA return with Revenue by June 30th of each year.
  • Due diligence requirements: The due diligence process varies depending on whether the account is new or existing, individual or entity, and high-value or low-value.

Registration and Compliance

Irish FFIs are required to register with the IRS to obtain a Global Intermediary Identification Number (GIIN) and file a FATCA return with Revenue via the online registration portal. Failure to comply can result in a 30% withholding tax penalty.

Ongoing Due Diligence

FFIs must complete ongoing due diligence throughout the year to ensure compliance with FATCA regulations. This includes:

  • New accounts: FFIs must perform due diligence on new accounts and report relevant information to the IRS.
  • Existing accounts: FFIs must also review existing accounts and update their records as necessary.

Understanding FATCA Regulations

Kevin Cohen, Partner and Head of AEOI Services at KPMG Ireland, emphasizes the importance of understanding FATCA regulations for Irish businesses. “FATCA is a complex set of regulations that can have significant implications for Irish FFIs,” he said. “It’s essential that businesses understand their obligations and take steps to ensure compliance.”

Services Offered by KPMG Ireland

KPMG Ireland offers a range of services to help FFIs navigate FATCA regulations, including:

  • Technical training sessions: KPMG provides technical training sessions to help FFIs understand the complexities of FATCA regulations.
  • Review of legal agreements: KPMG can review legal agreements and provide guidance on completion or review of self-certification forms.

Contact Information

For more information, please contact the KPMG Ireland AEOI team: