GIIN

A GIIN (Global Intermediary Identification Number) is a unique identification number used by Foreign Financial Institutions (FFIs) to identify themselves to withholding agents and tax administrations for reporting purposes under the Foreign Account Tax Compliance Act (FATCA).

Here's how it works:

• Purpose: The GIIN is used to facilitate compliance with FATCA requirements, which involve the reporting of financial accounts held by U.S. persons or entities with significant U.S. ownership interests.
• Obtaining GIIN: Financial Institutions (FIs) outside the United States can obtain a GIIN by registering with the United States Internal Revenue Service (IRS) through the FATCA registration system. Upon successful registration, the IRS issues a unique GIIN to the institution.
• Identification: The GIIN serves as a means of identifying the FI to withholding agents and tax authorities. It helps ensure that the FI is recognized as compliant with FATCA regulations and eligible for the relevant reporting requirements.

By obtaining and utilizing a GIIN, FIs can fulfil their obligations under FATCA, facilitating the exchange of information between different jurisdictions to promote transparency and combat tax evasion.