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2. Report of Foreign Banks & FinCEN Form 114, Pg. 1
Financial Accounts
If a U.S. taxpayer has a financial interest in or
signature authority over a foreign financial
account, including a bank account, brokerage
account, mutual fund, trust, or any other type of
foreign financial account, exceeding certain
thresholds, the Bank Secrecy Act requires the U.S.
taxpayer to report the account yearly to the
Department of Treasury by electronically filing a
Financial Crimes Enforcement (FinCEN) Form 114,
Report of Foreign Bank and Financial Accounts
(FBAR).