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An M T F R K O M M U N I A T I N K O F R S TEN TU M LI H TEN S TEI EC N SUMMARY NOTIFICATION FORM MARKET 4: Wholesale market for physical access In accordance with Recommendation No 193/04/COL of
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F r s ten stands for Foreign Bank Account Report (FBAR) which is a form required by the U.S. government to report a financial interest in or signature authority over foreign financial accounts.
U.S. persons, including citizens, residents, and certain entities, who have a financial interest in or signature authority over foreign financial accounts with an aggregate value exceeding $10,000 at any time during the calendar year, are required to file f r s ten.
F r s ten can be filed electronically through the Financial Crimes Enforcement Network's (FinCEN) BSA E-Filing system. The form requires detailed information about the foreign financial accounts, including the account number, name, and address of the financial institution, and the maximum value of the account during the year.
The purpose of f r s ten is to combat tax evasion by providing the U.S. government with information about foreign financial accounts held by U.S. persons.
On f r s ten, U.S. persons must report detailed information about each foreign financial account they have a financial interest in or signature authority over, including the account number, name and address of the financial institution, and the maximum value of the account during the year.
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