Regulatory Alerts2010-02-26
Added
Amendment to the Bank Secrecy Act Regulations – Reports of Foreign Financial Accounts
The Financial Crimes Enforcement Network proposes to revise regulations implementing the Bank Secrecy Act to clarify which persons must file reports of foreign financial accounts and which accounts are reportable. The proposal defines a United States person as a citizen, resident, or entity created under U.S. law, and explicitly defines bank, securities, and other financial accounts, including insurance policies with cash value and mutual funds. It also proposes to exempt certain persons with signature or other authority over foreign financial accounts from filing requirements and includes provisions to prevent avoidance of these reporting obligations.
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