i) In general. The participating FFI appoints a competent representative to monitor compliance with the requirements of the FFI agreement by the participating FFI. The appropriate official must implement a compliance program (either in a personal capacity or through designated persons) that includes sufficient policies, procedures and procedures to meet the requirements of the FFI agreement. During the certification period referred to in point f) 3 of this section, the appropriate official (or agent) regularly verifies the adequacy of the ffI compliance program and the FFI`s compliance with the requirements of an FFI agreement. The results of the periodic review must be taken into account by the appropriate official when establishing the periodic certifications required in paragraph (f) 3 of this section. (1) In general. Unless otherwise provided for in this paragraph (e) (1) or paragraphs e) (2) and (e) (3) of this section, any FFI that is a member of an expanded associated group must have the status of a Chapter 4 FFI, be considered a compliant FFI, or exempt the economic beneficiary as a condition for a member of that group in order to obtain participating FFI status or a registered FFI. As a result, any FFI that is not a certified FFI or an FFI or a tax-exempt economic beneficiary of an expanded related group must provide the IRS with a registration document in accordance with the IRS requirement of an FFI agreement, a registered compliance status or a restricted FFI status as a condition for a member to become a participating FFI or a registered FFI. With the exception of paragraph 2 of paragraph 2 of this section, any FFI that is not considered certified must be considered a compliant FFI or a tax-exempt economic beneficiary who is a member of that group, and that it accepts all requirements relating to the status to which it applies with respect to all accounts held in all its branches. , offices and departments. The retention requirements of a participating FFI for its limited branches and related companies, which are limited, are contained in point b) (5) in this section.
Notwithstanding the above, an FFI (or its branch) that is treated as ffI in accordance with the IgA or Model 2 retains that status, provided it meets the conditions of that status under such an agreement. a) In general. An FFI agreement will enter into force in accordance with Section 1471 (b) if an FFI registers with the IRS in accordance with IRS procedures and agrees to comply with the terms of an FFI agreement. The FFI agreement contains the requirements set out in this section, all the changes in an applicable Model 2 IGA, and all provisions applicable to a 1 FFI reporting model. (C) With respect to the absence of withholding, filing or reporting of the FFI agreement, the FFI corrected this omission by depreciating taxes (including interest and penalties) and filing the corresponding return (or modified return). (iv) defined material error. A major failure is that the participating FFI does not meet the requirements of the FFI agreement where the failure is the result of the deliberate action of one or more of the participating FFI staff (representing, sponsor or compliance FI) to avoid the requirements of the FFI agreement, or if it is an error due to the fact that the participating FFI has not imposed sufficient internal controls to implement the requirements of the participating FFI. to meet the requirements of the FFI agreement. in this section.