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F A M I stands for Foreign Account Tax Compliance Act.
Financial institutions and certain individuals are required to file F A M I.
F A M I form can be filled out electronically or through paper forms provided by the IRS.
The purpose of F A M I is to combat tax evasion by U.S. persons holding foreign financial accounts.
Information such as account balances, interest, dividends, and income from foreign assets must be reported on F A M I.
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