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Examination Procedures Core Procedures Expanded Procedures

Bank Secrecy Act Anti-Money Laundering Examination Manual

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Foreign Bank and Financial Accounts
Reporting—Overview

Objective.  Assess the bank’s compliance with statutory and regulatory requirements for the reporting of foreign bank and financial accounts.

Each person¹¹⁵ (including a bank) subject to U.S. jurisdiction with a financial interest in, or signature authority over, a bank, a securities, or any other financial account in a foreign country must file a Report of Foreign Bank and Financial Accounts (FBAR) with the Internal Revenue Service (IRS) (TD F 90-22.1) if the aggregate value of these financial accounts exceeds $10,000 at any time during the calendar year.  A bank must file this form on its own accounts that meet this definition; the bank may be obligated to file these forms for customer accounts in which the bank has a financial interest or over which it has signature authority.

An FBAR must be filed with the commissioner of the IRS on or before June 30 of each calendar year for foreign financial accounts exceeding $10,000 maintained at any time during the previous calendar year.

 

 

 

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