The necessary regulatory change which allows the USA to make group requests under the Swiss-US FATCA IGA has been in force since September 20, 2020. Multiple Swiss FFIs have already been subject to FATCA group requests.
Since there is a very tight deadline for transmission of the required information and documentation to the SFTA, we strongly recommend Swiss FFIs which have not yet received a group request to perform the following:
Review the FATCA pooled reportings for the tax years 2014 until 2021 to ensure that the correct account population was reported to the IRS. In addition, for all non-consenting individual account holders, ensure that the correct aggregate account balance and the correct account pooled reporting type were indicated in the original pooled reporting. For NPFFIs, make certain that the aggregate foreign reportable amount was reported correctly. If corrections and amendments of the original FATCA reporting are required, they should be submitted as soon as possible. Such corrections must be transmitted before the receipt of group requests.
Ensure that the required information and documentation is prepared in complete and correct form for an upcoming transmission to the SFTA. FFIs have only ten calendar days to deliver the required information and documents to the SFTA once the group request has been received. For further guidance, please review the document “FATCA group requests: Important business and validation rules for SEI XML and FATCA XML” published by the SFTA.
Test the exchange of information packages containing test data with the SFTA prior to the receipt of any request as previously encouraged by the SFTA.
For more information, please contact us or check our newsletters “U.S. Senate Approval of Amendment to the DTA - FATCA Group Requests”, “Important Updates and Dates for the Implementation of the Regulatory Requirements for 2020” and “Important Update on Swiss FFIs” or on the website “Administrative assistance to FATCA” of the SFTA. PQS can provide all types of support in preparing the FATCA group request information packages.