The US Internal Revenue Service has released the schema for the Foreign Financial Institution (FFI) list that will be generated once financial institutions have registered for FATCA.
FFIs that register to be FATCA compliant and are allocated a global intermediary identification number (GIIN) will appear on a published FFI list. Other organisations may rely on an FFI’s claim of its FATCA status by checking the FFI’s GIIN against the published FFI list.
The FFI list is scheduled to be published monthly beginning December 2013 and will be available for downloading. The test files are intended to help FFIs with system and process design requirements.
Additional information on FATCA registration and GIIN composition will be provided soon and we will update you on that.