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Financial Institution (FI) Registration and Enrollment Process for Foreign Account Tax Compliance Act (FATCA)

This comprehensive guide outlines the steps to complete the FI registration and enrollment process for FATCA through the Kuwait Ministry of Finance (MOF) Portal.

Step 1: Financial Institution Information

  • The FI must provide its name, as registered with the IRS.
  • Select all relevant checkboxes indicating its reporting obligations under various regulations.

Step 2: GIIN (Global Intermediary Identification Number)

  • The FI must enter its GIIN, if applicable. This can be obtained from the IRS website or copied and pasted from the IRS website’s GIIN search function.

Step 3: Categorization of Financial Institution

  • Choose all categories that apply to the FI.
  • Select any categories relevant to Sponsored Entities (if applicable).

Step 4: Institution Email Address

  • Record the contact email address of the FI.

Step 5: Primary User Information

  • The Primary User’s email address must be specific to them and not a general or shared email address.

Step 6: Authorization Letter

  • Upload an Authorization Letter, along with supporting documentation (e.g., board resolutions), as a single PDF document.
  • The letter must include:
    • Date of the request
    • FI name
    • GIIN (if applicable)
    • Contact details of the person providing authorization
    • Contact details of the selected Primary User
    • Signature by a senior person employed by the FI or on behalf of the FI

Step 7: Submission

  • Submit the completed application form and uploaded documents through the MOF Portal.

Once submitted, the user will receive a ‘success’ screen, indicating that their application form will be processed and responded to in due course.

Important Notes

  • This guide is based on the provided text and may not reflect any updates or changes to the FATCA enrollment process.
  • It’s essential to verify the information with the Kuwait MOF Portal Administrator or other relevant authorities for accuracy and up-to-date requirements.