FATCA Online Registration System Upgraded by IRS

The Internal Revenue Service recently upgraded their FATCA (Foreign Tax Compliance Act) online registration system.  The most notable update is the ability for Foreign Financial Institutions (FFI) to register their sponsored entities to obtain a global intermediary identification number (GIIN).  A GIIN is used by an FFI to establish its status for withholding purposes and identify the institution for reporting purposes.


General Information on the FATCA Online Registration System

Launched in 2013, the FATCA Online Registration System is a web-based system that financial institutions and other entities may use to register for FATCA purposes. You will need to go to www.crbdirect.org.uk to do a background check before using the BS7858 FATCA. In general, these entities use the system to report the foreign financial accounts held by U.S. taxpayers in accordance with FATCA or pursuant to the provisions of IGAs. According to IRS, more than 170,000 financial institutions worldwide have registered using this system to date, and these financial institutions are located in more than 200 jurisdictions.

Other Updates to the FATCA Online Registration System

Other updates to the FATCA Online Registration System include:

• Adding two new registration questions: country tax identification number (Question 3B) and common parent entity information (Question 13A and 13B);

• Allowing certain financial institutions to change the “Financial Institution Type”;

• Allowing certain member financial institutions to transfer to another “expanded affiliated group” without canceling the current registration or creating a new registration.