Fbar Compliance
In accordance with US tax statutes, you must submit an annual report of the account to the Internal Revenue Service by filing Form TD F 90-22.1 - Report of Foreign Bank and Financial Accounts (FBAR) if you have a financial interest in or signature authority over a foreign financial account (bank account, brokerage account, mutual fund, or trust). An enormous civil penalty—up to $100,000 or half of the account balance—could result from failing to file your FBAR on time.
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Reportable financial accounts on FBAR:
• Savings, current, fixed deposit, and other bank accounts
• Securities or an account at a brokerage
• Maintain an account with an individual serving as a dealer or broker for futures or options trading
• Account with an individual operating as a financial agency and taking deposits
• Cash-valued insurance or annuity policy (LIC, ULIP) PF, or public provident fund
• shares of a pooled fund, such as a mutual fund Gold stored in bank lockers