Down to the wire for FATCA Compliance: Are you ready?

Down to the wire for FATCA Compliance: Are you ready?

With the July 1 deadline for FATCA withholding fast approaching, many financial institutions are scrambling to ready their systems and processes for compliance. The data management aspect of FATCA compliance depends on several significant elements being in place:

Fully mapped IRS entity identifiers (GIIN)

Accurate FACTA instrument status

Long term process in place for updates and modifications

Challenges of FATCA

The first challenge is classifying customers and counterparties according to the IRS categories while at the same time integrating the thousands of entity identifiers published just a few weeks ago.  That first list of over 77,000 registered FFIs was published in early June, and the IRS anticipates the universe will grow over time to 500,000 or more.  The sheer volume of the list, the short timeframe for integration and the limited amount of information available to correctly apply the GIIN combine to make this data integration project particularly daunting.

The second hurdle is correctly assigning FATCA instrument status according to the various combinations of “In-scope”, “Exempt” and “Grandfathered”. SIX can help here as well, as we add FATCA status markers alongside the many other national and international tax and regulatory flags in our extensive database of global financial instruments.

Our data management solution

SIX Financial Information is uniquely positioned to help you with this data management dilemma.  We already track and link an extensive universe of legal entity identifiers, and since the IRS published that first list of FFIs, our data specialists have been mapping the associated GIINs to our database so that you can easily retrieve the latest GIINs using a variety of international identifiers such as Moody’s, S&P, D-U-N-S, and pre-LEI.

With SIX, you have a complete data package from one reliable source, and our customized solutions can deliver the data in the format you need, making integration easy as you work toward step towards complete compliance.

Finally, you can count on SIX Financial Information to keep you informed of FATCA-related additions and updates to entity information and instrument status changes – a natural extension of our award-winning global corporate actions service. 


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