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YouTube video text script - FATCA Registration-Lead FI Accepts Transfer Into an Expanded Affiliated Group

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

IF YOU ARE A LEAD FINANCIAL INSTITUTION, YOU CAN ACCEPT TRANSFER REQUESTS TO YOUR EXPANDED AFFILIATED GROUP, OR EAG, USING THE FATCA REGISTRATION SYSTEM.

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

INTITIALLY, YOU NEED TO PROVIDE YOUR FATCA ID TO THE FINANCIAL INSTITUTIONS WHO WANT TO JOIN YOUR EAG SO THEY MAY EACH CREATE A TRANSFER REQUEST.

YOU WILL BE NOTIFIED VIA EMAIL AND MESSAGE BOARD WHEN NEW TRANSFER REQUESTS ARE RECEIVED.

YOU NEED TO ACCEPT OR DECLINE THE TRANSFER REQUEST.

IF YOU DO NOT TAKE ACTION WITHIN 45 CALENDAR DAYS, THE TRANSFER WILL EXPIRE AND BE AUTOMATICALLY CANCELLED.

YOU WILL RECEIVE A REMINDER BEFORE IT EXPIRES.

FROM YOUR HOME PAGE, CLICK ON THE "MEMBER INFORMATION" LINK.

A TABLE OF YOUR CURRENT FI MEMBERS WILL DISPLAY.

TO SEE THE FI'S REQUESTING TO JOIN YOUR EXPANDED AFFILIATED GROUP, CLICK ON THE "PENDING TRANSFER IN" LINK.

A NEW TABLE WILL APPEAR LISTING THE FIs WITH PENDING TRANSFER REQUESTS.

SELECT THE CHECK BOX NEXT TO THE TRANSFERS THAT YOU WISH TO ACCEPT OR DECLINE.

THEN CLICK ON EITHER THE ACCEPT OR DECLINE TRANSFER BUTTON.

IN THIS EXAMPLE, WE ARE GOING TO ACCEPT THE TRANSFER REQUESTS.

AFTER YOU CLICK ON THE ACCEPT TRANSFER BUTTON, YOU WILL SEE A LIST OF THE TRANSFER REQUESTS YOU SELECTED.

THE TABLE INCLUDES INFORMATION ON WHETHER THE TRANSFER REQUESTS ARE STILL VALID.

THOSE REQUESTS NO LONGER VALID WILL BE AUTOMATICALLY CANCELLED.

CLICK ON "ACCEPT TRANSFER" TO ACCEPT THE VALID REQUESTS.

YOU WILL RECEIVE A CONFIRMATION OF THE TRANSFER ACCEPTANCE.

CLICK "OK" AND YOU WILL BE RETURNED TO THE "PENDING TRANSFER IN" VIEW OF YOUR MEMBER TABLE.

THE "TRANSFER STAGE" OF THE REQUEST YOU HAVE ACCEPTED NOW SHOWS "PENDING MEMBER ACCEPTANCE."

THE FI WILL BE NOTIFIED FOLLOWING THE LEAD'S ACCEPTANCE OF THE TRANSFER REQUEST AND WILL HAVE 45 CALENDAR DAYS TO FINALIZE.

THEY WILL BECOME A MEMBER OF YOUR EAG ONCE THEY HAVE FINALIZED THE TRANSFER.

OTHERWISE, THE REQUEST WILL EXPIRE AND BE CANCELLED.

THE REQUESTING FI MAY ALSO WITHDRAW ITS REQUEST BEFORE IT FINALIZES THE TRANSFER.

YOU WILL BE NOTIFIED AS THE TRANSFER PROGRESSES.

ONCE THE FI FINALIZES THE TRANSFER, THE MEMBER SWITCHES FROM THE "PENDING TRANSFER IN" TABLE TO THE "ALL MEMBERS" TABLE.

AS A LEAD, YOU HAVE COMPLETED YOUR PART TO ACCEPT OR DECLINE THE TRANSFER.

YOU CAN FIND MORE INFORMATION ON HOW TO APPROVE A TRANSFER REQUEST AT IRS.GOV/FATCA-REGISTRATION.

Page Last Reviewed or Updated: 20-Oct-2016