Compliance requirements and verification procedures for sponsoring entities of foreign financial institutions (FFIs) and certain nonfinancial foreign entities (NFFEs), trustees of certain trustee-documented trusts, registered deemed-compliant FFIs, and financial institutions that implement consolidated compliance programs (compliance FIs), the IRS stated in final regulations March 21. The IRS adopted REG-103477-14 with limited changes. The final rules describe the procedures for future modifications to the requirements for certifications of compliance for participating FFIs. The rules also clarify the requirements in the chapter 4 regulations for periodic certifications of compliance for consolidated compliance programs of participating FFIs and provide requirements for preexisting account ...
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