U.S. Treasury Issues New Proposed FBAR Rules

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The U.S. Treasury has issued proposed regulations governing the filing of U.S. Foreign Bank Account Reports (FBAR). The new rules provide several key revisions to the existing FBAR regulations under 31 CFR § 1010.350. The FBAR regulations are issued under the legislative authority of the Bank Secrecy Act. Key points of the proposed regulations include:

1. The requirement would be eliminated for U.S. officers, employees, and agents of U.S. entities to report signature authority over foreign financial accounts owned by the entity if the individual does not have any financial interest in the account. The U.S. officer, employee, and agent of …read more

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