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FATCA/CRS Compliance Checklist

Pre-Submission Verification — FATCA XML v2.0.1 & CRS XML v3.0

Aligned with IRS FATCA v2.0.1 User Guide & OECD CRS v3.0 User Guide (v4.0)

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Checklist Information

Report Type 01 (FATCA) & Report Type 02 (CRS)
Filter by Category:
All Items Critical Important FATCA 1 FATCA 2 CRS

FATCA/CRS Compliance Checklist

FI:

ID:

Jurisdiction:

Year:

Reviewer:

Submission:

Section 1: Entity Information & Registration

Verify FI identity, registration IDs, and classification

Entity Legal Name Verification
Critical Both
Confirm the FI's legal name matches the name registered on the IRS FATCA Registration System and on the local tax authority portal exactly — including punctuation and legal suffixes.
FATCA XML v2.0.1 User Guide §4.1 | IRS Publication 5164
GIIN Status & Format
Critical FATCA Also used in CRS
Verify the GIIN is active on the current IRS FFI List and formatted as XXXXXX.XXXXX.XX.XXX (19 characters, uppercase, no letter "O"). Mandatory for FATCA Report Type 01. Use our GIIN Validation Tool to confirm.
FATCA XML v2.0.1 User Guide §4.2 | IRS FFI List
ITDREIN Validation (India only)
Critical India
Validate the ITDREIN is 16 characters (10-char PAN + 6-char code, e.g., AAACN1234Z.CB1012) and linked to the Reporting FI on the Insight Portal. A short second segment is a common rejection cause.
Form 61B Schema v1.3 | Insight Portal User Guide
Entity Classification & Filer Category
Critical Both
Confirm the FI classification matches the schema (Lead FI, Single FI, Member FI, Sponsoring Entity, or Sponsored Entity). Verify SP Filer Category (FATCA607, FATCA609) is set correctly where applicable.
FATCA XML v2.0.1 User Guide §4.3 | CRS XML v3.0 User Guide §2.3
Entity Address & Reporting Country
Important Both
Confirm the legal address matches the tax authority profile. Verify the Reporting from Country code uses ISO 3166-1 alpha-2 (e.g., IN, GB, LU).
FATCA XML v2.0.1 User Guide §4.4 | CRS XML v3.0 User Guide §2.4
Responsible Officer Details
Critical Both
Confirm the Responsible Officer is appointed and their details (name, address, contact) are current on the IRS FATCA Registration System and the local authority portal.
IRS FATCA Registration System | IRS Pub 5164 §4

Section 2: Account Data & Due Diligence

Verify account holder data, documentation, and reportable account determination

Account Holder Identification
Critical Both
Confirm each account holder is correctly classified as Individual (with Given Name and Family Name) or Entity (with Entity Name). Ensure required name fields are present per the schema.
FATCA XML v2.0.1 User Guide §6.1 | CRS XML v3.0 User Guide §3.1
TIN Validation & Relief Codes
Critical Both
Verify each account holder TIN matches the format expected by their country of residence. Use IRS relief codes (e.g., 222222222) only where permitted. Under IRS Notice 2024-78, the Foreign TIN must also be reported when a relief code is used.
FATCA XML v2.0.1 User Guide §6.9 | IRS Notice 2024-78 | CRS XML v3.0 §3.4
U.S. Indicia Checks (FATCA)
Critical FATCA
Confirm valid documentation (W-8 or W-9) is on file for every account flagged with US indicia — US place of birth, US address, US phone number, or standing instructions to a US address.
Rule 114H | FATCA XML v2.0.1 User Guide §6.10
CRS Indicia & Self-Certification
Critical CRS
Confirm a valid, current self-certification is on file for every reportable account, covering all required tax residency fields. Apply CRS due diligence rules for pre-existing vs new accounts.
CRS XML v3.0 User Guide §3.2 | OECD CRS Handbook §3
Controlling Persons (CRS)
Important CRS
Confirm Controlling Persons are identified for every Passive NFE account holder, with correct CP Type codes (CRS801, CRS802, CRS803, CRS804, CRS805).
CRS XML v3.0 User Guide §3.5 | OECD CRS Handbook §4
Substantial U.S. Owners (FATCA)
Important FATCA
Confirm Substantial U.S. Owners are identified for every Passive NFFE account holder, with accurate ownership percentages and TIN details.
FATCA XML v2.0.1 User Guide §6.13 | Rule 114H
Account Classification Codes
Important Both
Confirm each reportable account is classified with the correct code — FATCA102, FATCA104 (FATCA) or CRS101, CRS102, CRS103 (CRS). Verify the account type matches the account holder category.
FATCA XML v2.0.1 §6.10 | CRS XML v3.0 §3.6
Account Balance & Payment Amounts
Standard Both
Confirm balances and payment amounts are calculated as of 31 December, use the correct currency code (ISO 4217), and are formatted as 1000.00 with no thousands separators or commas.
FATCA XML v2.0.1 §6.7 | CRS XML v3.0 §3.7

Section 3: XML Schema & Validation

Verify XML against the correct schema version before submission

Schema Version & XSD Validation
Critical Both
Validate XML against the correct schema — FATCA XML v2.0.1 (2025-06-10 release) or CRS XML v3.0. Run XSD validation before any business rule testing.
FATCA XML v2.0.1 XSD | CRS XML v3.0 XSD
Business Rules Validation
Critical Both
Validate the XML against the business rules in the official user guide — not just the XSD. Element ordering, namespace consistency, and enum values must all pass.
FATCA v2.0.1 User Guide §5 | CRS v3.0 User Guide §5
File Naming Convention
Important Both
Confirm the filename follows the local authority's required format — e.g., ITDREIN_PAN_FinancialYear_ReportType.xml (India) or the jurisdiction-specific pattern.
Local authority upload guide | Insight Portal User Guide
FATCA 2 — DocRefID & Correction Chain
Critical FATCA 2
For FATCA 2 corrections: verify DocRefID is unique across all filings, CorrDocRefID references the exact DocRefID of the original filing, and MessageRefId references the original message. Common rejection cause: mismatched or reused DocRefIDs.
FATCA XML v2.0.1 User Guide §5 (Corrections) | ATO FATCA Reporting Guide
CRS — DocRefID & MessageTypeIndic
Critical CRS
For CRS filings: verify DocRefID uses the CRS-specific format (different from FATCA). Set MessageTypeIndic to CRS701 (new), CRS702 (correction), or CRS703 (void) as appropriate. CorrDocRefID must reference the original filing.
CRS XML v3.0 User Guide §5 | OECD CRS User Guide v4.0

Section 4: Signing, Encryption & Packaging

Prepare the submission package

Digital Signature / DSC Registration
Critical Both
Confirm the authorised signer's Digital Signature Certificate (DSC) is valid, not expired, and registered with the local tax authority portal.
Local authority DSC requirements | FATCA v2.0.1 §3
Encryption Compliance
Critical Both
Confirm the XML is encrypted per the destination's requirements — AES-256 for IRS IDES submissions, or the local authority's required encryption method for Model 1 filings.
FATCA v2.0.1 §3 (IDES Encryption) | CRS v3.0 §2 (Encryption)
Package Assembly
Important Both
Confirm the submission package contains all required files — for Switzerland, the SEI XML, FATCA XML, and PDF must be bundled correctly. For other jurisdictions, verify the ZIP structure matches the portal's expected format.
Local authority submission guide | FTA Switzerland package spec

Section 5: Final Submission & Retention

Deadline Verification
Critical Both
Verify submission is before the applicable deadline — FATCA Model 2 to IRS: 31 March; FATCA/CRS Model 1 deadlines vary by jurisdiction (UK: 31 May; India: 30 June; Luxembourg: 30 June; Ireland: 30 June; Canada: end of June; Cayman: 31 July).
IRS IDES Filing Deadline | Local authority deadlines
Submission Confirmation
Important Both
After submission, confirm receipt of the filing acknowledgement from the tax authority. Log the acknowledgement ID and any portal-generated response for audit purposes.
Local authority portal | IRS IDES response
Record Retention
Important Both
Store unencrypted XML, signed packages, and submission receipts securely for the required retention period (6 years for India; consult local requirements for other jurisdictions).
FATCA v2.0.1 §8 | CRS v3.0 §VII | Rule 114G

Sign Off

Comprehensive Review
I confirm all applicable items in this checklist have been verified.
Compliance Officer Approval
Submission approved by the Designated Officer for filing.