Finance & markets · 24/02/2011

Amendment to the Bank Secrecy Act Regulations-Reports of Foreign Financial Accounts

The Financial Crimes Enforcement Network (FinCEN) is issuing a final rule to amend the Bank Secrecy Act (BSA) regulations regarding reports of foreign financial accounts. The rule aims to clarify who must file reports, what types of accounts are reportable, and provides exemptions for certain individuals with authority over foreign accounts.