fatca definition financial institution
FFI is the abbreviation for foreign financial institution. It refers to a non-US financial institution. The FATCA legislation contains an extensive definition of FFI and includes entities such as banks, custodian institutions, investment funds and certain types of insurance companies.n IGA is an agreement between the US and specific countries to build FATCA compliance into the countryâs legal framework so that the country can implement FATCA. An IGA will require financial institutions to provide the information on US accounts which they hold either: 1  directly to the IRS.