Download

Email

Library

The US’ Internal Revenue Service (IRS) has issued a reminder to all foreign financial institutions (FFIs) that responsible officer certifications are due no later than 1 July 2021.

 

If FFIs do not submit certifications by the due date, they could have their FATCA status revoked or even – ultimately – have their global intermediary identification number (GIIN) removed from the IRS’ FFI list. Because Bahrain has signed a model 1 inter-governmental agreement (IGA) with the US, this requirement does not apply to most Bahrain-based reporting FIs – although it does apply to branches of Bahrain-based FIs in non-participating jurisdictions.

 

For more information on FATCA certification processes, please refer to the IRS’ FAQs or contact our FRC team.

Mohammed Ashraf
Senior Director
Ahmed Ayyad
Executive Manager
Share via
Copy link
Powered by Social Snap