Responsible Officer Attestations

Responsible Officer Attestations (applicable to Non-IGA and IGA Model 2 jurisdictions)

  1. That the participating FFI maintains effective internal controls, or If the participating FFI has identified an event of default or has failed to remediate any material failures as of the date of the certification (“qualified certification”).

The responsible officer must separately certify to the IRS that the participating FFI is compliant with the due diligence identification procedures for preexisting accounts. Generally this certification must be made no later August 29, 2016.

As part of this certification, the responsible officer must certify that the following statements are true:

The participating FFI has completed the required review of all high-value accounts and treats any account holder of an account for which the participating FFI has not retained a record of any required documentation as a recalcitrant account holder;

  1. The participating FFI has completed the account identification procedures and documentation requirements for all other preexisting accounts or, if it has not retained a record of the required documentation, treats such account according to the applicable rules;
  1. To the best of the responsible officer’s knowledge after conducting a reasonable inquiry, the participating FFI did not have any formal or informal practices or procedures in place from August 6, 2011, through the date of that certification to assist account holders in the avoidance of FATCA.

If the responsible officer is unable to make any of these certifications, the responsible officer must make a qualified certification to the IRS stating that such certification cannot be made and that corrective action will be taken by the responsible officer.

Qualified Certification

If the responsible officer has identified an event of default, or a material failure that the participating FFI has not corrected as of the date of the certification, the responsible officer must make a qualified certification by certifying to the following statements:

The responsible officer (or designee) has identified an event of default, or the responsible officer has determined that as of the date of the certification, there are one or more material failures with respect to the participating FFI’s compliance with the FFI agreement and that appropriate actions will be taken to prevent such failures from reoccurring;

With respect to any failure to withhold, deposit, or report any amount under the requirements of the FFI agreement, the FFI will correct such failure by paying any taxes due (including interest and penalties) and filing the appropriate return (or amended return); and

The responsible officer (or designee) will respond to any notice of default (if applicable) or will provide to the IRS upon request a description of each material failure and a written plan to correct each such failure.

Certification of effective internal controls

For a valid certification of effective internal controls, the responsible officer must make the following statements relevant to the certification period:

The responsible officer (or designee) has established a compliance program that is in effect as of the date of the certification and that has been subjected to the review as described under the regulations;

There are no material failures for the certification period, or, if there have been, appropriate actions were taken to remediate such failures and to prevent such failures from reoccurring; and

If there has been any failure to withhold, deposit, or report any amount under the requirements of the FFI agreement, the FFI has corrected such failure by paying any taxes due (including interest and penalties) and by filing the appropriate return (or amended return).

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