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Can you summarize 31 CFR 1010.350?
Reports Required To Be Made > Reports of foreign financial accounts.
Short Summary
This document, part of the Code of Federal Regulations, requires United States persons with a financial interest in, or signature or other authority over, a bank, securities, or other financial account in a foreign country to report such relationship to the Commissioner of Internal Revenue. The reporting form prescribed for this purpose is the Report of Foreign Bank and Financial Accounts (TDF 9022.1), or any successor form. The document defines ‘United States person’ as a citizen or resident of the United States, or an entity created, organized, or formed under the laws of the United States, any State, the District of Columbia, the Territories and Insular Possessions of the United States, or the Indian Tribes. It further explains the types of reportable accounts, exceptions for certain accounts, and the definition of a foreign country. The document also provides definitions for ‘financial interest’ and ‘signature or other authority’ and includes special rules for individuals with a financial interest in or authority over 25 or more foreign financial accounts.
Whom does it apply to?
United States persons with a financial interest in, or signature or other authority over, a bank, securities, or other financial account in a foreign country
What does it govern?
Reports of foreign financial accounts
What are exemptions?
Certain accounts of departments or agencies of the United States, Indian Tribes, States, political subdivisions, intergovernmental compacts, and international financial institutions of which the United States government is a member are exempt from reporting. Additionally, correspondent or nostro accounts used solely for bank-to-bank settlements are not required to be reported.
What are the Penalties?
Penalties for non-compliance are not specified in the provided document.
Jurisdiction
U.S. Federal Government