95,000 Financial Institutions Enlist For FATCA

More than 95,000 financial institutions are listed on the latest Foreign Account Tax Compliance Act (FATCA) list published by the Internal Revenue Service (IRS).

With the publication of the third list on August 1, 2014, the number of financial institutions listed has mushroomed from 77,000 to 95,238 in just four weeks.

The list shows financial institutions from 220 countries and territories.

The list merely shows the institution has registered under the FATCA rules and does not necessarily mean the bank or financial firm is complying with the reporting rules.

FATCA applications still pending

The financial institutions are expected to make an annual return of the balances of bank accounts and investments of more than $50,000 controlled by US citizens to the IRS.

Central banks and pension schemes are exempt from enrolling on the FATCA list.

The FATCA list can be downloaded or searched online at the IRS web site. An archive of lists is also available.

Updates are published on the first of each month. The next list is expected on September 1, 2014.

The IRS is still processing FATCA applications and expects the final list to include up to 500,000 financial institutions.