IRS opens online FATCA registration system: financial institutions may now sign in


As foreshadowed in Notice 2013-43, the IRS has opened the FATCA Registration Website.

The Website is a secure, web-based system that enables financial institutions (FIs) to register themselves and their branches, if any, electronically from anywhere in the world without the need to print, complete and mail paper forms.

With the opening of the FATCA Registration Website, FIs that must register with the IRS to meet their FATCA obligations and/or the obligations of their branches or expanded affiliate groups can now commence the registration process.

The registration process is a four-step process, as the IRS illustrates in this chart:     

An FI can register electronically on the Website or by filing a paper registration on IRS Form 8957, although the IRS strongly encourages use of the online registration process.

The Website contains the following features:

(i) 24-hour-a-day accessibility

(ii) ability to establish online accounts

(iii) security for all data provided on behalf of customize home pages to manage accounts

(iv) a streamlined environment for FIs to register in one place

(v) tools for FIs to oversee member and/or branch information

(vi) a customized home page for FIs to manage their accounts.

The website also allows FIs to appoint delegates (Points of Contact) to perform registration tasks, generates automatic notifications when a FI status changes (emails notification to check FATCA account) and issues a Global Intermediary Identification Number.

Access the Website here.  Helpful materials, including a detailed 75-page FATCA Online Registration User Guide and other FATCA Registration Resources and Support Information, can be found here.

We will provide you with an in-depth look at the guidance and the registration process in the near future.  Please watch for it.

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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