FBAR Processing

FBAR Processing

A U.S. person who meets both of these qualifications must file an FBAR:

 A financial interest in or signature authority over at least one financial account located outside of the United States

 The total value of all foreign financial accounts exceeded $10,000 at any time during the calendar year being reported.

 FinCEN Form 114 is a requirement for all US Citizens/Residents with foreign bank accounts, and failure to file this form may result in stiff penalties, including punitive financial fees and criminal prosecution.