Per 1099 instructions, if the FATCA filing requirement box is checked, the payer is reporting on this Form 1099 to satisfy its chapter 4 account reporting requirement. You also may have a filing requirement for a Form 8938. A Form 8938 is used when you have specified foreign financial assets and the total value of all the foreign assets in which you have an interest is more than the appropriate reporting threshold. For details, click here: https://www.irs.gov/instructions/i8938
If you met the requirements and need to file this Form 8938, you would need to check this box.
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