Owner-Documented Foreign Financial Institution (ODFFI) requirements and potential options

Weighing the pros and cons

Our resources can assist financial institutions in their decisions to implement procedures for onboarding ODFFI accounts based on necessary responsibilities and business requirements.

Onboarding ODFFI Accounts: Decision tree and breakdown of pros and cons

Financial institutions must decide whether they are willing to apply procedures to onboard ODFFIs and, consequently, implement the documentation requirements and establish the necessary arrangements under Foreign Account Tax Compliance Act (FATCA) rules. Download our presentation to:

  • Explore a decision tree offering two options and laying out the necessary actions when either of the two options are chosen: A) Allowing acceptance of ODFFI clients or B) Not allowing acceptance of ODFFI clients.
  • Consider additional documentation requirements if an organization decides to allow acceptance of ODFFI clients: A) Collecting underlying W-8s and owner reporting allocation statements or B) Collecting third party auditors' opinions.
  • Learn about the advantages and disadvantages from an operational perspective of onboarding ODFFI clients by accessing a pros and cons matrix to further assist in necessary business decisions.

ODFFI decision tree

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