On March 1st, FinCEN (Financial Crimes Enforcment Network) issued a Notice of Proposed Rulemaking (NPRM) to make the following changes in FBAR (Reports of Foreign Bank and Financial Accounts) filing requirements:
- Remove the provisions that limit the information reported with respect to situations when a filer has 25 or more foreign financial accounts, and instead require all U.S. persons obligated to file an FBAR to report detailed account information on all foreign financial accounts for which they are required to file an FBAR.
- Amend the FBAR regulation by eliminating the requirement for officers and employees of institutions to report on institutional accounts for which they have signature authority, but no financial interest, due solely to their employment, so long as their employer has an FBAR filing obligation.
- Require institutions to maintain a list of all officers and employees with signature authority over those same accounts; this list would be made available to FinCEN and law enforcement upon request.
The press release notes that the changes would “mainly apply to financial professionals who file FBARs due to their employment responsibilities.”