The Internal Revenue Service (IRS) has rolled out an online tool to enable users check the status of a foreign financial institution registered for the Foreign Account Tax Compliance Act (FATCA).
Located on the IRS’s FATCA portal, the FFI List Search and Download Tool can be used to search for the name of a specific foreign financial institution and find out if it has registered under FATCA, reported accountingtoday.com.
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Leveraging the new tool, users can also download a complete list of financial institutions with the tool.
Included as part of the HIRE Act of 2010, the FATCA requires foreign financial institutions to give information on their US account holders to the Internal Revenue Service or else face stiff penalties.
The regulation was widely criticized over the concerns that it breaches banking secrecy laws in other nations; although, the IRS and the Treasury Department has incorporated some changes in regulations.
One of the rules requires for foreign banks, hedge funds and other financial institutions to register and receive Global Intermediary Identification Numbers.
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By GlobalDataOverseas financial organizations were required to register by 25April 2014, and the results were expected to be available to the public on 2 June.
