FATCA-related reporting requires financial institutions to identify and annually report specified data for reportable accounts under Form 61B. These rules require reporting financial institutions to identify, maintain and annually report specified information for reportable accounts-including account holder identity, taxpayer identification numbers, account identifiers, year end balances and specified gross payments-under Form No. 61B; they define key terms (financial account, financial institution, reportable account, excluded account), set due diligence procedures and thresholds for pre existing and new accounts, require registration and designation of compliance officers, mandate electronic filing with digital signatures, and assign regulators to issue implementation guidance.