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FACILITATING WITH PEOPLE AND COMMUNITIES A new story is emerging across Canada. Part of this story involves the creation of individualized supports and strengthening presence and participation of
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F A C I stands for Foreign Account Compliance Act.
U.S. citizens, residents, and certain non-resident aliens are required to file F A C I if they have financial interest in or signature authority over foreign financial accounts.
F A C I can be filled out electronically through the Financial Crimes Enforcement Network (FinCEN) website or by submitting Form 114.
The purpose of F A C I is to prevent tax evasion by ensuring that individuals report their foreign financial accounts to the government.
F A C I requires reporting of the account holder's name, address, account number, and maximum value of the account during the reporting period.
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