The IRS has published an updated version of its FATCA Online Registration User Guide. The purpose of this publication is to guide Financial Institutions and Direct Reporting Non-Financial Foreign Entities (NFFEs) to register themselves and their branches as a Participating Foreign Financial Institution (PFFI), a Registered Deemed-Complaint FFI (RDCFFI), a Sponsoring Entity, a Direct Reporting NFFE, or a Trustee of a Trustee-Documented Trust. Upon registration, the registrant will be issued a Global Intermediary Identification Number (GIIN) and be listed on the IRS FFI list.
There are a few changes to this publication and to the registration process that should be noted:
- The FATCA Online Registration System now allows FIs to renew their Foreign Financial Institution (FFI) Agreements with the IRS. The system will indicate whether an FFI is required to renew its agreement – if so, the deadline is July 31, 2017.
- The account home page will now list additional FFI information, such as an FFI Agreement renewal due date and submission date.
- New and renewing FFIs are no longer permitted to claim “Limited FFI” status. Additionally, existing branches will no longer be designated as “Limited Branches.”
- The login process now requires the user to agree that it is authorized to register its FI or other institution for FATCA.
- Accounts will now be locked out after three incorrect login attempts.
- The publication has included a step-by-step guide and explanation for the FFI Agreement renewal process.
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