The IRS today issued a release reminding foreign financial institutions (FFIs) that are required to renew their FFI agreement and do not renew by 31 July 2017, that they will be treated as having terminated their FFI agreements as of 1 January 2017, and may be removed from the FFI list.
Today’s IRS release states that the FATCA FFI registration system has been updated to allow for FFIs to renew their agreements with the IRS. To process the renewal, from the home page link of “Renew FFI Agreement,” a financial institution can determine whether it must renew its FFI agreement. A table of guidelines is provided to assist in this determination. Once the determination is made, the system enables a financial institution to review and edit the registration form. The financial institution will need to verify and update the registration information and submit to renew the FFI agreement.
Read a June 2017 report [PDF 63 KB] prepared by KPMG LLP
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