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FATCA/CRS Compliance Checklist

Indian Financial Institutions Pre-Submission Verification (Form 61B)

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Checklist Information

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All Items Critical Important FATCA CRS

FATCA/CRS Compliance Checklist

FI:

ID:

Year:

Reviewer:

Section 1: Entity Information & Registration

Verify entity details on Insight Portal & IRS

Entity Legal Name Verification
Critical Both
Confirm Financial Institution's legal name matches the Income Tax Department (Insight Portal) and IRS registration.
IRS Pub 5164 | CBDT Guidance
ITDREIN Validation
Critical Both
Validate ITDREIN is active and linked to the Reporting FI on the Insight Portal.
Insight Portal User Guide
Entity Address & Jurisdiction
Important Both
Confirm legal address matches Income Tax Profile. Verify reporting jurisdiction (e.g., IN) is correct.
Form 61B Instructions
GIIN Status
Critical FATCA
Verify GIIN is active on IRS FFI List and formatted correctly (XXXXXX.XXXXX.XX.XXX).
IRS FFI List Search

Section 2: Account Data & Due Diligence

Verify account details and documentation

Taxpayer IDs (TINs)
Critical Both
Verify all account holder TINs are present and formatted correctly for the specific jurisdiction.
OECD CRS Handbook §3.2
U.S. Indicia Checks
Important FATCA
Confirm documentation (W-8/W-9) obtained for accounts with U.S. phone numbers, addresses, or birthplaces.
Rule 114H
Account Balance Accuracy
Standard Both
Verify balances are calculated as of Dec 31. Ensure currency (INR/USD) aligns with Form 61B guidance.
Rule 114G
Account Classification
Critical Both
Confirm accounts classified correctly: Depository, Custodial, Equity, or Cash Value.
Form 61B Schema

Section 3: XML Schema & Validation

Verify XML structure against CBDT standards

Form 61B Schema Validation
Critical Both
Validate XML against latest CBDT Form 61B Schema. Ensure no structural errors using Department Utility.
CBDT Schema Guide
File Naming Convention
Important Both
Confirm filename follows format: ITDREIN_PAN_FinancialYear_ReportType.xml
Insight Portal Upload Guide

Section 4: Signing & Encryption

Prepare file for upload

DSC Registration
Critical Both
Ensure Designated Director's Digital Signature (DSC) is active and registered on Insight Portal.
Insight Portal Profile
Encryption Utility
Important Both
Confirm XML is signed and encrypted using the official CBDT Report Generation Utility.
CBDT Utility Manual

Section 5: Final Submission

Deadline Check (May 31)
Critical Both
Verify submission is before the May 31st deadline for the preceding financial year.
Rule 114G(9)
Backup Retention
Important Both
Store unencrypted XML and signed .zip file securely for 6 years.
Recordkeeping Requirements

Sign Off

Comprehensive Review
I confirm all items have been verified.
Compliance Officer Approval
Submission approved by Designated Officer.