For non-US resident clients, self-certification is required via the W-8BEN form, which certifies non-US residency. The W-9 form is reserved for US Persons and includes the Social Security Number or Individual Taxpayer Identification Number.

The ACPR is responsible for overseeing compliance with FATCA obligations by financial institutions in France. The IRS may report errors to the DGFiP, but it is the ACPR that exercises direct supervisory control.

For pre-existing individual accounts, an enhanced review including inquiry with the relationship manager becomes mandatory when the balance exceeds one million dollars. This threshold is critical for identifying potential US Persons.

The deadline for transmitting the FATCA XML file to the DGFiP has been moved forward by fifteen days compared to previous years. For 2025, this deadline is set at July 15. This information is critical for financial institutions to comply with reporting obligations and avoid penalties.

The identification of US Persons relies on seven specific indicators defined by FATCA regulations. For example, a US mailing address is an indicator, whereas a French mailing address is not.

Unlike FATCA, which exclusively targets US Persons, the CRS applies to residents of all jurisdictions participating in automatic exchange. This distinction is essential for understanding the differences between the two frameworks.

The penalty for each omitted or incorrect item of information in a FATCA declaration is 150 euros, capped at 500 euros per declaration. This penalty is defined by Article 1736 of the Code général des impôts.

Under the Model 1A intergovernmental agreement, French financial institutions report to the Direction générale des finances publiques (DGFiP), which then transmits the information to US tax authorities. This arrangement prevents French institutions from having to report directly to the IRS.