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YouTube video text script - FATCA Registration-Single or Lead Changes FI Type to Member of an Expanded Affiliated Group (EAG)

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

IF YOU ARE A SINGLE OR LEAD FINANCIAL INSTITUTION, OR FI, YOU CAN TRANSFER TO AND BECOME A MEMBER OF 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.

TO CHANGE YOUR FI TYPE TO MEMBER FI AND TRANSFER INTO AN EAG, SELECT THE "CHANGE FI TYPE" LINK FROM THE AVAILABLE ACCOUNT OPTIONS ON YOUR HOME PAGE.

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

THIS FEATURE IS NOT AVAILABLE FOR SPONSORING ENTITIES.

TO CHANGE TO A MEMBER FI, SELECT THE RADIO BUTTON "MEMBER FINANCIAL INSTITUTION, TRANSFER TO AN EXPANDED AFFILIATED GROUP."

CLICK "CONTINUE" TO TRANSFER TO AN EAG.

NOTE THAT IF YOU ARE A LEAD FI YOU WILL BE UNABLE TO CHANGE YOUR FI TYPE TO A MEMBER IF YOU HAVE ACTIVE MEMBERS IN YOUR EAG OR PENDING TRANSFERS INTO YOUR EAG.

THE ACTIVE MEMBERS WILL NEED TO BE DELETED OR THEIR AGREEMENTS WILL NEED TO BE CANCELED.

PENDING TRANSFER REQUESTS INTO YOUR EAG WILL NEED TO BE DECLINED.

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 YOU PROVIDED AND LEGAL NAME.

CHECK THAT THE INFORMATION IS CORRECT.

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

IF THE INFORMATION IS CORRECT, CLICK "SUBMIT" TO INITIATE THE TRANSFER.

THE LEAD FI OF THE EAG THAT YOU WANT TO TRANSFER INTO WILL BE NOTIFIED AND 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.

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.

MONITOR YOUR EMAIL AND MESSAGE BOARD FOR ACCOUNT UPDATES.

YOU WILL BE NOTIFIED VIA THE MESSAGE BOARD WHEN THE LEAD RESPONDS TO YOUR TRANSFER REQUEST.

IF THE REQUEST IS DECLINED BY THE LEAD FI, YOUR TRANSFER IS AUTOMATICALLY CANCELLED.

IF THE TRANSFER REQUEST IS ACCEPTED, THE TRANSFER STAGE WILL BE UPDATED TO "PENDING YOUR FINAL ACCEPTANCE."

YOU WILL NEED TO FINALIZE THE TRANSFER FROM YOUR ACCOUNT HOME PAGE WITHIN 45 CALENDAR DAYS FROM THE TRANSFER STAGE DATE.

IF YOU DO NOT FINALIZE YOUR TRANSFER REQUEST WITHIN 45 CALENDAR DAYS, IT WILL EXPIRE.

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.

THE NEW FATCA ID AND TEMPORARY ACCESS CODE ARE DISPLAYED 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 RECEIVE A NEW GIIN.

YOU WILL NO LONGER HAVE ACCESS TO YOUR CURRENT ACCOUNT.

IF YOUR FINANCIAL INSTITUTION IS CURRENTLY ON THE IRS FFI LIST, YOUR CURRENT GIIN WILL REMAIN VALID AND REMAIN ON THE LIST FOR A SHORT PERIOD.

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.

THEN, YOU WILL BE 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 CHANGE AN FI TYPE TO A MEMBEROF AN EAG AT IRS.GOV/FATCA-REGISTRATION

Page Last Reviewed or Updated: 20-Oct-2016