FATCA reporting requirements
The Foreign Account Tax Compliance Act requires financial institutions outside the United States to identify accounts held by US persons and report them — usually through their local tax authority under an intergovernmental agreement.
REGREP is an independent software provider. This page explains the framework in plain language and is not legal or regulatory advice — confirm scope and timing with your tax authority.
- Instrument
- US Foreign Account Tax Compliance Act
- Scope
- Foreign financial institutions and certain non-financial entities
- Reporting artefact
- FATCA XML return
- Format
- IRS FATCA XML schema
- Supervisor
- Local tax authority under an intergovernmental agreement, or the IRS
- Penalties
- Withholding consequences and penalties set in the agreement and national law
What FATCA asks of you
The short version: what the framework requires, who it applies to and when it bites.
What it requires
Institutions identify accounts held by US persons or by entities with substantial US ownership, and report identifying details, balances and payments each year.
Who it applies to
Financial institutions outside the United States — banks, custodians, investment entities and specified insurers — plus certain entities with US-owner reporting duties.
When it applies
Annually. Under a Model 1 agreement you file with your local tax authority, which exchanges with the IRS; under Model 2 you report to the IRS directly.
What has to be done
Consequences follow from the Foreign Account Tax Compliance Act and the applicable intergovernmental agreement.
| Obligation | What it means in practice |
|---|---|
| Register and hold an identifier | Maintain the global intermediary identification number your reporting status requires, and use it consistently on every return. |
| Identify US reportable accounts | Apply the agreement's due diligence indicia and self-certification rules to new and pre-existing accounts. |
| Collect and validate identifiers | Report US taxpayer identification numbers in the expected structure, since malformed values are a routine rejection cause. |
| File in the IRS schema | Produce a valid FATCA XML return in the current IRS schema, in the format your local tax authority accepts. |
| Respond to error notices | Correct, amend or void records in response to notifications rather than resubmitting the whole return. |
From your data to a validated filing
Activate only the module the obligation needs. Every price covers one regulated entity unless stated otherwise, and excludes VAT.
FATCA
Turn reportable account records into validated, IRS-schema FATCA XML, with structural identifier checks and full schema validation before you file.
€500/yearAnnual filing · 1 regulated entity Create free account →CRS / DAC2
Most institutions in scope of FATCA are also in scope of CRS. The same account records drive both, on one platform.
€1,000/year1 jurisdiction · up to 10,000 records Create free account →Global TIN Validator
Batch-check taxpayer identification number structures across 111 countries before a malformed value causes a rejection.
Talk to usFrom €0.01 per record, billed in 100-record blocks Create free account →Related to FATCA
FATCA reporting for US accounts
How institutions identify US reportable accounts and file them without rebuilding the schema each year.
Read use case →Tax transparency guide
Plain-language explainers on FATCA, CRS, DAC2 and CARF — who reports, what is due and when.
Read the guide →FATCA module
See how the module validates records and produces IRS-schema XML, with full pricing detail.
See the module →Questions, answered
Do I file FATCA with the IRS or my local authority?
Can the same records drive FATCA and CRS?
What does FATCA cost?
What does the free tier include?
File FATCA without fighting the IRS schema.
Create a free account and run a health-test on your own account records today.