The IRS’ June 20 FATCA Newsletter released new details on the FATCA registration process. The online system being built hopes to make foreign financial institution (FFI) registration as painless as possible. Some of the key details included in the newsletter are:
- FFIs will register through an online system
- Each FFI must designate a FATCA representative (referred to as an RO) who, in turn, may select up to five Points of Contact (POC) that will be utilized along the path to completion
- Power of Attorney procedures are expected to be available to assist in the completion of the registration process
- The person signing the agreement (presumably the RO) will be issued a FATCA Individual Identification Number (FIN)
To read all the details, visit the IRS’ FATCA Registration Process for Foreign Financial Institutions page.