IEIM400940 - Non-Reporting Financial Institutions: International Organisations

NRFI: International Organisations

International organisations are Non-Reporting Financial Institutions (NRFI) for FATCA and will generally be NRFIs for CRS.

International Organisation is a defined term in the CRS and any entity that falls within the definition is a NRFI, subject to the exceptions set out below. International Organisation means any international organisation or wholly owned agency or instrumentality thereof. This category includes any intergovernmental organisation (including a supranational organisation):

  1. That is comprised primarily of governments;
  2. That has in effect a headquarters or substantially similar agreement with the UK; and
  3. The income of which does not inure to the benefit of private persons.

There are two exceptions to this general rule:

i)        An International  Organisation will not be a NRFI with respect to a payment that is derived from an obligation held in connection with commercial financial activity of a type engaged in by a Specified Insurance Company, Custodial Institution or Depository Institution, and

ii)       From 1 January 2026, an International Organisation will not be a NRFI with respect to the activity of maintaining Central Bank Digital Currencies for account holders that are not Financial Institutions, Governmental Entities, International Organisations or Central Banks.

The IGA with the USA defines these international organisations by reference to an exhaustive list which comprises any UK office of:

• The International Monetary Fund

• The World Bank

• The International Bank for Reconstruction and Development

• The International Finance Corporation

• The International Finance Corporation Order, 1955 (SI 1955 No.1954)

• The International Development Association

• The Asian Development Bank

• The African Development Bank

• The European Community

• The European Coal and Steel Community

• The European Atomic Energy Community

• The European Investment Bank

• The European Bank for Reconstruction and Development

• The OECD Support Fund

• The Inter-American Development Bank

If any International organisation with a UK office is identified that meets the CRS definition, but which is not included in the IGA list, you should contact the BAI Exchange of Information policy team with responsibility for automatic exchange agreements.