FATCA Registration Begins

On August 19, 2013, the Internal Revenue Service (“IRS”) announced the opening of the Foreign Account Tax Compliance Act (“FATCA”) registration website (the “Portal”). The Portal, which was originally slated to open July 15, 2013, enables financial institutions to register online with the IRS and begin the process of meeting their FATCA registration obligations.

Through the Portal, financial institutions will be able to create an account and upload the required information. A financial institution may also provide the requested information for its branch operations, as well as other members of its expanded affiliated group for which it serves as a “lead” financial institution. The Portal allows financial institutions around-the-clock access to their accounts, and provides a secure channel to update contact information, receive notices from the IRS, and manage member and/or branch information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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