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 | | FATCA News & Information | May 1, 2019 | | |
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| Issue Number: 2019-4 Inside This Issue
- For the FATCA Certification Period Ending December 31, 2018 Responsible Officer Certifications are due by July 1, 2019
- IRS Continues to Remind Financial Institutions to Keep Person of Contact ("POC') and Responsible Officer ("RO") Contact Information Current
- Please Review the List of FAQs and the FATCA User Guide as Needed
1. For the FATCA Certification Period Ending December 31, 2018 Responsible Officer Certifications are due by July 1, 2019
For the certification period ending December 31, 2018 (generally entities that were initially approved in 2015), FATCA Responsible Officer ("RO") certifications are due no later than July 1, 2019. If an entity that is required to certify does not submit its certifications by the due date, the entity will not be in compliance with its obligations under FATCA. The consequences of being non-compliant may include the revocation of an entity's FATCA status and, ultimately, the entity's GIIN being removed from the FFI list. Back to top
2. 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. https://www.irs.gov/businesses/corporations/frequently-asked-questions-faqs-fatca-compliance-legal#q7howoften Back to top
3. Please Review the List of FAQs and the FATCA User Guide as Needed
The IRS has prepared several Frequently Asked Questions "FAQs" to assist Responsible Officers with FATCA Registration and Certifications. In addition, Responsible Officers may utilize the FATCA Online Registration User Guide (Publication 5118). Back to top
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