Guidance Notes

Guidance Notes on Compliance Requirements for Malaysia-US IGA

To assist MYFIs to comply with the requirements under the Malaysia-US IGA, a Guidance Notes has been prepared. The draft was open for public comments from 15 March 2015 - 15 April 2015.

Following the comments received on the draft Guidance Notes, a revised draft was issued dated 11 September 2015. This draft will be revised accordingly once the IGA is signed.

Under the Malaysia-US IGA, MYFIs that are not exempted need to register with the IRS and obtain a Global Intermediary Identification Number (GIIN). For more information, visit the FATCA Registration Resources.

MYFIs that have completed registration and obtained a GIIN will appear on a monthly published IRS FFI list.

For the purpose of FATCA reporting, US IRS has developed a platform called International Data Exchange Service (IDES). Under Model 1 Option 2 agreement, Reporting MYFIs will be transmitting their FATCA reporting data to IRBM via the IDES. IRBM will in turn authorize the onward transmission of such data held at the IDES to the US IRS.

Next steps :

  1. Download the FATCA XML Schema.
  2. Prepare the FATCA Report data file step by step as per IDES Data Preparation website. IRBM requires Reporting MYFIs to include their email address in the metadata file. Omitting the email address element ( <SenderContactEmailAddressTxt>) will cause your submission to be rejected with error code LH031.
  3. Obtain one valid digital certificate issued by an approved certificate authority (CA) and enroll with IDES.
  4. Transmit the FATCA reporting package to IRBM via IDES.
  5. Notification will be sent from hidef.noreply@hasil.gov.my (our email) to your email address. Be sure to add our email to your address book or safe sender list so that our email reaches to your inbox.

Contact IDES Customer Support for immediate assistance.
A Reporting MYFI with no US Reportable Accounts is required to make a Nil return annually to IRBM. For Nil Return template, click here. Send the completed Nil Return form online to fatca@hasil.gov.my

Please send your enquiry on FATCA to fatca@hasil.gov.my