Online FATCA Registration

Last updated on November 12, 2013

The IRS has opened a new online Foreign Account Tax Compliance Act (FATCA) registration system to make it easier for financial institutions to register. Under FATCA, foreign financial institutions are required to report financial accounts held by U.S. taxpayers or foreign entities in which U.S. taxpayers hold a substantial ownership interest. This transparency will assist the IRS to curb tax evasion.

With this online facility, financial institutions that are required to register under FATCA can register online, create an account, and provide the IRS with the required information. Lead organizations can also share the required information about their branches of operation and extended members of their affiliate groups.

Financial institutions can perform the following functions with the online FATCA registration system:

• Establish online accounts
• Customize home page to manage accounts
• Designate points of contact to handle registrations
• Oversee member and/or branch information
• Receive automatic notifications of status changes

All registrations made to date will be finalized and approved in 2014. At present, registered financial institutions receive a notice of registration acceptance and are issued a global intermediary identification number.