Institutions complying with FATCA must know how to operate the ‘Engine on the FATCA Train’

Date: August 27, 2013

The US Internal Revenue Service reached a major milestone in the history of the 2010 Foreign Account Tax Compliance Act (FATCA) on August 19, 2013, when it launched the online registration system for the thousands of financial institutions worldwide that must comply with the law.

img-hugh-campbellAlthough the IRS released a lengthy user guide for the user institutions on operating the ‘FATCA Portal,’ many of them have lingering concerns, such as who must register? Must the designated ‘FATCA Responsible Officer’ utilize the portal? Who will have access to the information?

In this ACFCS Financial Crimecast, Hugh Campbell, Senior Vice President of Regulatory Reporting for AxiomSL, guides you on the portal and answers these and other questions. He explains the opportunities and pitfalls of distinct FATCA registration classifications, the valuable resources that the IRS user guide contains, and the registration deadlines applicable to institutions.