Run Package: FATCA Reporting & Ongoing Operations

Execute your annual FATCA filings, handle corrections and back filings, and manage communications with authorities — across Model 1 (local competent authority) and Model 2 (direct IRS via IDES).

Scope is sized to your book and systems: from a simple annual extract and submission for a small client base to multi-entity, multi-jurisdiction reporting with IDES and national portals. Country-specific pricing is listed on the Countries pages.

Who this is for

• FFIs that completed Starter and Build (or equivalent) and need a dependable filing engine.
• Institutions operating in one or many jurisdictions (Model 1 and/or Model 2) seeking uniform execution and audit-ready evidence.
• Teams that want a managed cycle with clear SLAs, error handling, and authority liaison.

Outcomes

• On-time, error-minimized submissions for each jurisdiction and entity.
• Corrections & back filings processed with full versioning and evidence.
• Audit-ready artifacts: control calendar, logs, ACKs/receipts, and reconciliation packs.

What we do (Services & Deliverables)

1) Annual Filing (Model 1 & Model 2)

• Data cut at year-end; eligibility logic for reportable accounts/entities.
• Transform & validate: required fields, formats, DOB/TIN rules, consistency checks.
• Build report files:
  • Model 1: local FATCA XML schema for the competent authority portal.
  • Model 2: Form 8966 XML for IDES (IRS).
• Submit & track: upload, monitor statuses, capture receipts/ACKs.
• Evidence pack: runbook excerpt, controls performed, ACKs, and management sign-off.

2) Corrections & Back Filings

• Prepare and submit corrections for prior years (replacements/voids as per schema rules).
• Back filings for missed periods, with remediation plan and authority liaison.
• Maintain version history and a defensible audit trail.

3) Authority & Counterparty Liaison

• Manage feedback/error codes from portals/IDES; coordinate with competent authorities as required.
• Provide counterparties with status confirmations (GIIN, reporting confirmations) on request.

4) Controls, Monitoring & Evidence

• Operate the control calendar (indicia sweep cadence, TIN reminder campaign checkpoints).
• Key risk indicators (KRIs) and exception queues; monthly/quarterly dashboards if required.
• Retain checklists, logs, and samples to meet internal audit and regulatory expectations.

Filing cycle (how it works)

1. Kickoff & data request for the reporting year; confirm jurisdictions, entities, and deadlines.
2. Pre-validation (TIN/DOB, indicia/curing status, schema fields) and exception cleanup.
3. Build report files (Model 1 XML or Form 8966) and run quality checks.
4. Submit, monitor acknowledgements, and resolve errors with corrections if required.
5. Close with an evidence pack (ACKs, logs, reconciliations, management sign-off).

Scope & Boundaries

• Included: Annual filings, corrections/back filings, authority liaison, control calendar operation, evidence packs.
• Not included: Registrations & GIIN (Starter), operating model design & mappings (Build), independent health checks (Assurance).

Timeline & SLAs

We align the cycle with local deadlines (e.g., Model 1 national submission windows; Model 2 IDES windows). Typical working SLAs include a draft file T–15 business days before the filing deadline, and final submission T–5 business days before the deadline, subject to data availability and approvals.

Prerequisites

• Completed Starter (GIIN + portal/IDES readiness) and Build (data mappings & validations) or equivalent internal setup.
• Designated contacts for Compliance/RO, Operations, and IT/data extracts.
• Access to year-end data extracts and any change logs relevant to reportable accounts.

Helpful resources

• Countries hub (pricing & local specifics): ustaxbanks.com/countries/
• Resources hub (tools & primers): ustaxbanks.com/resources/
• FATCA operating model & reporting guide: FATCA for Foreign Banks — Operating Model & Reporting
• Corrections & re-filings guide: FATCA Corrections & Re-filings
• Corrections & audit trail: details
• Reporting (Form 8966 & portals): details
• RO certification (FATCA): details

Next steps

Confirm your jurisdictions on the Countries pages to view pricing and local details. If you still need operating model design or mappings, add the Build package first; otherwise, proceed with the annual cycle and add targeted support: corrections & audit trail, reporting (8966 & portals), RO certification (FATCA).