Issue Number: 2019-3
Inside This Issue
- New FAQs Posted on Various Compliance Items for Foreign Financial Institutions
1. New FAQs Posted on Various Compliance Items for Foreign Financial Institutions
Sponsoring Entities with Certification Periods ending on December 31, 2017
The IRS has recently published an FAQ providing that Sponsoring Entities with certification periods ending December 31, 2017 may rely on rules provided in the notice of proposed rulemaking (REG-103477-14) published on January 6, 2017 in the Federal Register (82 FR 1629).
FATCA Certifications FAQ Q20
FATCA Registration Updates
The IRS has reminded Financial Institutions (“FIs”) that incomplete FATCA Registration applications will not remain unprocessed indefinitely. Specifically, such accounts, will be placed in “Registration Rejected/Denied” status. FIs in this status still have access to respective message boards although they do not have any other account options. They are, however, able to complete and submit a new FATCA Registration.
Registration Update FAQ Q17
IRS Continues to Remind Financial Institutions to Keep Person of Contact (“POC’) and Responsible Officer (“RO”) Contact Information Current
Another reminder was recently sent to Financial Institutions (“FIs”) on the continued need to ensure that POC and RO contact information is updated. This is because it is the primary way through which the Service contacts FIs and it is expected that this channel of communication is kept open through the FIs ensuring that email addresses and contact information are always correct.
Responsible Officers and Points of Contact FAQ Q7
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