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11. What is a participating foreign financial institution (FFI) in terms of the Foreign Account Tax Compliance Act (FATCA)?

A foreign financial institution* (FFI) that enters into an FFI agreement* with the US Internal Revenue Service* (IRS) is referred to as a 'participating foreign financial institution'*. An FFI that does not enter into an agreement with the IRS is referred to as a 'non-participating foreign financial institution’ and is subject to withholding under FATCA.

*For any defined terms please see the Table of terms and definitions.