Regulatory Alerts2011-02-24
Added
Amendment to the Bank Secrecy Act Regulations – Reports of Foreign Financial Accounts
This final rule amends the Bank Secrecy Act (BSA) regulations concerning reports of foreign financial accounts, clarifying the scope of persons required to file, specifying reportable account types, and offering exemptions for certain individuals with signature or other authority. It revises the definition of "signature or other authority" to apply to individuals who can directly communicate instructions to a foreign financial institution regarding asset disposition. The rule also clarifies that officers or employees filing an FBAR due to signature authority over employer accounts are not expected to personally maintain their employer's records. Effective March 28, 2011, these provisions apply to reports due by June 30, 2011, for accounts maintained in calendar year 2010 and all subsequent years.