Foreign Bank Account Reporting

Vesting responsibility for compliance and providing the processes and tools

TIS & Treasury Alliance Group: Foreign Bank Account Reporting

Foreign Bank Account Reporting (FBAR), the 2011 amendment to the US Bank Secrecy Act is one of the broadest and most significant regulations emerging from the 9/11 acts of terrorism and the 2008 financial crash. It declares that companies, individuals and US individuals are required to report any foreign offshore financial accounts if their total balances are over $10,000 at any time during the reporting year.
This creates two challenges for companies: where within an organization should responsibility for FBAR be vested and creating the business processes and acquiring the systems to make sure that the compliance process is efficient and comprehensive. Both are challenges that have not always been fully met by impacted companies in the years since FBAR became a requirement.
Download this article today and learn about FBAR, examined in non-technical language with reference to the growing body of regulatory text where required.

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