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Resonance Scholarship Come Admission Test Resorts EITHER AI PMT IEEE OLYMPIADS KVP NOSE SAMPLE TEST PAPER ACADEMIC SESSION : 201415 FOR STUDENTS MOVING TO CLAS SVI Time : 1 Hr. Maximum Marks : 100
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Resosat stands for Report of Foreign Bank and Financial Accounts. It is a report required by the US Department of the Treasury to disclose foreign bank and financial accounts held by US persons.
Any US person who has 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 is required to file resosat.
Resosat can be filed electronically through the Financial Crimes Enforcement Network's (FinCEN) BSA E-Filing System. The form requires detailed information about each foreign financial account, including the account number, name of the financial institution, and maximum value of the account during the year.
The purpose of resosat is to combat tax evasion and money laundering by US persons through offshore accounts. It helps the government track and monitor foreign financial accounts held by US taxpayers.
The information required to be reported on resosat includes the account number, name of the financial institution, type of account, maximum value of the account during the year, and the account holder's identifying information.
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