Financial institutions worldwide are subject to complex new requirements under FATCA and other tax information exchange regimes. FATCA requires many Foreign Financial Institutions (FFIs) to identify their FATCA status and potentially register with the IRS. The process of classifying legal entities can be time consuming and require extensive analysis.
How to achieve compliance
PwC has developed a customizable approach to assist companies with the classification and registration of their FFIs in an efficient and cost-effective manner. PwC's registration templates and accelerators are designed to support the classification and registration needs of various organizational structures. Clients can leverage the services that are most appropriate to their needs.
Compass is a web-based solution that supports the implementation and maintenance of organizations classification and registration responsibilities. Compass consists of two modules: classification and registration.
Our Classification Module:
Our Registration Module:
PwC's Legal Entity Organizer (LEO) is an accelerator for gathering registration data to input into the IRS FATCA Registration System. It offers a structured approach to organize all legal entity data for registration and ongoing legal entity management.
Built in validation and checks for data completeness, duplicate entities and branches, EIN format, branch ‘Limited FFI’ status, EAG member registration, and US zip code formats.
15th of the month: Each month PwC's Registration team in South Carolina will begin registering any legal entities received between the 23rd of the prior month to the 15th of the current month. This will allow sufficient time for the PwC team to complete registration and obtain the Global Intermediary Identification Numbers (GIINs) in time for the legal entities to be part of the next month's GIIN listing.
1st of the month: At the beginning of each month, a complete new list will be published by the IRS for all financial institutions and branches that have an assigned and approved GIIN as of a specified cut-off date five business days prior to the end of the previous month.