YouTube video text script - FATCA Registration-Member FI Transfers to Another Expanded Affiliated Group (EAG)

WELCOME TO THE IRS FOREIGN ACCOUNT TAX COMPLIANCE ACT, OR FATCA, ONLINE REGISTRATION VIDEO SERIES.

IF YOU ARE A MEMBER FINANCIAL INSTITUTION, OR MEMBER FI, YOU CAN TRANSFER TO AN EXPANDED AFFILIATED GROUP, OR EAG, USING THE FATCA REGISTRATION SYSTEM.

DIRECT REPORTING NON-FINANCIAL FOREIGN ENTITIES, OR NFFES, SHOULD FOLLOW THE INSTRUCTIONS FOR FIs.

IF YOU ARE LOOKING TO TRANSFER TO ANOTHER EAG, SELECT "INITIATE A TRANSFER TO ANOTHER EXPANDED AFFILIATED GROUP" FROM THE AVAILABLE ACCOUNT OPTIONS ON YOUR HOME PAGE.

YOU WILL ONLY HAVE THIS OPTION IF YOU ARE IN APPROVED OR LIMITED CONDITIONAL STATUS.

ON THIS SCREEN, PROVIDE THE FATCA ID OF THE LEAD FI OF THE EAG THAT YOU WANT TO TRANSFER TO.

CLICK "CONTINUE" TO MOVE ON TO THE REVIEW PAGE.

THE SYSTEM WILL DISPLAY THE LEAD FI'S FATCA ID AND LEGAL NAME.  

CHECK THAT THE INFORMATION IS CORRECT.

IF IT IS NOT, CLICK THE "BACK" BUTTON TO EDIT.

CLICK "SUBMIT" TO INITIATE THE TRANSFER.

THE CURRENT LEAD FI AND THE NEW LEAD FI WILL BE NOTIFIED, AND THE NEW LEAD FI WILL NEED TO ACCEPT YOUR TRANSFER.

ONCE THE LEAD HAS ACCEPTED YOUR TRANSFER, YOU WILL BE NOTIFIED TO PROVIDE FINAL CONFIRMATION BEFORE YOU ARE ADDED TO THE EAG.

CLICK "OK" TO RETURN TO YOUR HOME PAGE.

MONITOR YOUR EMAIL AND MESSAGE BOARD FOR ACCOUNT UPDATES.

YOU WILL BE NOTIFIED VIA THE MESSAGE BOARD IF THE REQUEST IS CANCELED, ACCEPTED OR DECLINED BY THE NEW LEAD FI.

THE NEW LEAD FI NEEDS TO ACCEPT OR DECLINE THE TRANSFER REQUEST.

IF THE REQUEST IS DECLINED BY THE LEAD FI OR NO ACTION IS TAKEN WITHIN 45 CALENDAR DAYS, YOUR TRANSFER IS AUTOMATICALLY CANCELED.

IF THE TRANSFER REQUEST IS ACCEPTED, YOU WILL NEED TO FINALIZE THE TRANSFER FROM YOUR ACCOUNT HOME PAGE WITHIN 45 CALENDAR DAYS FROM THE DATE THE REQUEST WAS ACCEPTED.

OTHERWISE, THE REQUEST WILL EXPIRE.

THE ACCOUNT INFORMATION SECTION ON YOUR HOME PAGE WILL HAVE NEW FIELDS ASSOCIATED WITH THE TRANSFER, WHICH ARE:   TRANSFER PENDING TO, TRANSFER STAGE AND TRANSFER STAGE DATE.

AFTER THE TRANSFER TO A NEW EAG IS INITIATED, YOU CAN WITHDRAW THE TRANSFER REQUEST AT ANY TIME BEFORE THE TRANSFER IS FINALIZED BY CLICKING THE "WITHDRAW TRANSFER" LINK ON THE HOME PAGE.

ONCE THE LEAD FI ACCEPTS YOUR TRANSFER REQUEST AND YOU WISH TO PROCEED INTO THEIR EAG, CLICK ON THE "FINALIZE TRANSFER" LINK FROM YOUR HOME PAGE.

REVIEW THE LEGAL NAME AND THE FATCA ID OF THE NEW LEAD FI TO MAKE SURE THEY ARE CORRECT.

CLICK ON THE "FINALIZE TRANSFER" BUTTON TO CONFIRM THIS OR CLICK "CANCEL" TO GO BACK WITHOUT FINALIZING THE TRANSFER.

YOU WILL RECEIVE A NEW FATCA ACCOUNT WITH A NEW FATCA ID AND TEMPORARY ACCESS CODE ON THE CONFIRMATION PAGE.

YOUR NEW ACCOUNT STATUS WILL BE THE SAME AS YOUR CURRENT ACCOUNT STATUS.

IF YOUR CURRENT ACCOUNT STATUS IS APPROVED, YOU WILL BE ASSIGNED A NEW GIIN.

YOU WILL NO LONGER HAVE ACCESS TO YOUR CURRENT ACCOUNT.

FOR A SHORT PERIOD, YOUR CURRENT GIIN WILL REMAIN VALID AND REMAIN ON THE IRS FOREIGN FINANCIAL INSTITUTION LIST, BOTH GIINS WILL BE PUBLISHED ON THE IRS FFI LIST DURING THIS PERIOD.

RECORD THIS INFORMATION AND CLICK ON THE "OK" BUTTON.

YOU WILL BE AUTOMATICALLY LOGGED OUT OF YOUR CURRENT ACCOUNT AND DIRECTED TO THE LOGIN PAGE TO LOG IN WITH YOUR NEW FATCA ID AND TEMPORARY ACCESS CODE.

YOU WILL NOW HAVE ACCESS TO YOUR NEW ACCOUNT.

YOU CAN FIND MORE INFORMATION ON HOW TO TRANSFER TO ANOTHER EAG AT IRS.GOV/FATCA-REGISTRATION