The Internal Revenue Service has opened its new online registration system for financial institutions that need to register with the IRS under the Foreign Account Tax Compliance Act.

Financial institutions that must register with the IRS to meet their FATCA obligations can begin the process of registering by creating an account and providing required information, the IRS said Monday. Financial institutions can use the system to provide the required information for their branches of operation and other members of their expanded affiliate groups in which the financial institution is the lead organization.

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