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Foreign Bank and Financial Accounts

If you have a financial interest in or signature authority over a foreign financial account, including a bank account, brokerage account, mutual fund, trust, or other type of foreign financial account, exceeding certain thresholds, the Bank Secrecy Act may require you to report the account yearly to the Department of Treasury by electronically filing a Financial Crimes Enforcement Network (FinCEN) 114, Report of Foreign Bank and Financial Accounts (FBAR)

Who Must File

United States persons are required to file an FBAR if: 1) The United States person had a financial interest in or signature authority over at least one financial account located outside of the United States, and 2) The aggregate value of all foreign financial accounts exceeded $10,000 at any time during the calendar year reported. United States person includes U.S. citizens; U.S. residents; entities, including but not limited to, corporations, partnerships, or limited liability companies, created or organized in the United States or under the laws of the United States; and trusts or estates formed under the laws of the United States.

Exceptions to the Reporting Requirement

There are filing exceptions for the following United States persons or foreign financial accounts: • Certain foreign financial accounts jointly owned by spouses.United States persons included in a consolidated FBAR. • Correspondent/Nostro accounts. • Foreign financial accounts owned by a governmental entity. • Foreign financial accounts owned by an international financial institution. • Owners and beneficiaries of U.S. IRAs. • Participants in and beneficiaries of tax-qualified retirement plans. • Certain individuals with signature authority over, but no financial interest in, a foreign financial account. • Trust beneficiaries (but only if a U.S. person reports the account on an FBAR filed on behalf of the trust). • Foreign financial accounts maintained on a United States military banking facility.

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