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Financial Institutions Must Invest In FATCA Compliance

Law360, New York (November 27, 2017, 12:45 PM EST) -- The Oct. 24, 2017, deadline for foreign financial institutions (FFIs) to register or renew their registration with the U.S. Internal Revenue Service or face steep consequences has come and gone. The renewal requirement is the result of the June 2017 overhaul of the IRS’s Foreign Account Tax Compliance Act online registration system, which led to the tightening of regulations and additional components to the withholding and information-reporting scheme. 

Registration establishes an online account with a home page and issues an FFI its Global Intermediary Identification Number (GIIN). Under the latest renewal scheme, all FFIs — even those already registered — must...

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