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The FBAR (Report of Foreign Bank and Financial Accounts): Everything You Need to Know | Freeman Law
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The FBAR Laws
In 1970, Congress enacted the Currency and Foreign Transactions Reporting Act, referred to as the Bank Secrecy Act (BSA), 31 U.S.C. §§ 5311, et seq..
See Pub. L. No. 91-508, 84 Stat. 1114 (1970). The primary purpose of the BSA is to require certain reports that “have a high degree of usefulness in criminal, tax, or regulatory investigations or proceedings.”
Id. § 202.
The regulations require “each United States person having a financial interest in, or signature or other authority over, a bank, securities, or other financial account in a foreign country” to file a FBAR.
See 31 C.F.R. § 1010.350(a). The FBAR is required “with respect to foreign financial accounts exceeding $10,000 maintained during the previous calendar year.”
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The Commission periodically has filed enforcement actions against broker-dealers for failing to file SARs – suspicious activity reports typically centered on a failure to file reports regarding microcap issuers. Those actions are based on Exchange Act Section 17(a) and Rule 17a-8. SARs on the other hand trace to the Bank Secrecy Act and FinCEN.
The question of broker-dealer compliance with SARs and the Commission’s authority under the Exchange Act Section and Rule typically cited by the agency was raised in an action recently decided by the Second Circuit Court of Appeals.