IRS: Most Foreign Banks Need Just One FATCA ID Number

A single overseas financial institution should have only one identifying number to participate in reporting U.S.-owned accounts to the IRS under the Foreign Account Tax Compliance Act, the agency said.

Banks need only one number, known as the global intermediary identification number (GIIN), unless they are sponsoring entities, the Internal Revenue Service said Dec. 7 in an update to its FATCA questions and answers. Sponsoring entities provide due diligence, withholding and reporting on behalf of an investment entity or a controlled foreign corporation.

If the single financial institution has more than one GIIN as a result of duplicate or ...