New IRS FATCA Certifications FAQ 22!

On March 23, 2022, the Internal Revenue Service (IRS) published FATCA Certification FAQ number 22 regarding how to submit a FATCA certification if the registration status has been changed to under review with a message indicating "For more information contact the Treasury Department Office of Foreign Asset and Control (OFAC)." In this situation and at this time, no FATCA certification will be able to be submitted. The financial institution will no longer have access to the periodic certification and certification of pre-existing accounts link. In the event that the account is placed back into registration approved status, then the FI will receive a message on its message board informing them of the registration status change to approved. At this time, the FI will have access to submit the applicable certification or certifications. If this happens prior to or subsequent to the certification date, then the FI will receive additional time to submit FATCA certifications.


Check out FATCA Certifications FAQ 22 here:

https://www.irs.gov/businesses/corporations/frequently-asked-questions-faqs-fatca-compliance-legal#FATCA-certifications


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