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The IRS has released (issue 2019-3 dated 28 March 2019) new FAQs clarifying compliance for foreign financial institutions (FFIs).

The highlights:

  1. FAQ20 explains the certification requirements of sponsoring entities with certification period ending 31 December 2017
  2. FAQ17 clarifies steps for FFIs whose status is initiated, incomplete or under review for a period of six months or more
  3. FAQ7 reinforces the importance of constantly updating contact information of an FFI’s person of contact (POC) and responsible officer (RO)

For more details please contact:

Dr Mukund Ballal

Advisor, Financial Regulatory Compliance


+973 1720 6813


Sindhu Balasubramanian

Senior Manager, Financial Regulatory Compliance


+973 1720 6838


Osama Al Alawi

Manager, Financial Regulatory Compliance


+973 1720 6857

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