FATCA Regulatory Help Desk — How to Reestablish a Cancelled GIIN

The IRS may cancel an FFI's GIIN if, for example, the FFI does not submit required certifications of compliance. Foodman provided the following guidance through the Regulatory Help Desk:

• File a formal appeal with the IRS to reinstate the GIIN. This appeal should be sent to the email address provided by the IRS in the termination notice.
• Submit the missing certifications through the FFI FATCA Portal.
• The FFI FATCA Portal has options to remedy events of non-compliance. If unavailable, the appeal should request the IRS to reinstate these options.
• Provide a detailed explanation of the reason for the event of default through the certification of compliance. Identify the cause of the GIIN termination.
• Provide a remediation plan to the IRS via email and regular mail. The plan should include: an explanation of the events of non-compliance, the reasons for those events, steps taken or to be taken to correct them, and steps to be taken to prevent future defaults.
• When reviewing a remediation plan, the IRS will consider good faith efforts to comply. Recurring noncompliance is not indicative of good faith and may result in denial.
• While awaiting reinstatement of the GIIN, the Bank must ensure it does not receive any withholding flow from the United States.