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Volume 1, Issue 2Newsletter DateVolume 1, Issue 2June/July 2009407th Army Field Support Brigade (ASB) Fort Hood, TX 18 Holes of Safety Shakedown Grand Champions, 15 May 09INSIDE THIS ISSUE:18 Holes
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407th afsb stands for Annual Foreign Bank Account Report, it is a report that U.S. persons who have a financial interest in or signature authority over foreign financial accounts must file with the U.S. Department of the Treasury.
Any U.S. person who meets the reporting threshold for foreign financial accounts must file 407th afsb, including individuals, corporations, partnerships, trusts, and estates.
407th afsb can be filled out online using the FinCEN Form 114 through the Bank Secrecy Act (BSA) E-Filing System.
The purpose of 407th afsb is to combat tax evasion by U.S. persons who hide money in foreign accounts.
407th afsb requires information such as the name of the account holder, account number, name of the financial institution, and the maximum value of the account during the reporting period.
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