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R E S C U E S TA RT S H E RE OPERATION, PREVENTIVE MAINTENANCE AND PARTS SUPPORT MANUAL FORMAXIFORCE AIR LIFTING BAG SYSTEMS23 APRIL 2012 IN 22890800Paratech Incorporated P.O. Box 1000, Frankfort,
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RESC stands for Report of Foreign Bank and Financial Accounts. It is a form used to report a financial interest in or signature authority over a foreign financial account.
Any United States person who has a financial interest in or signatory authority over foreign financial accounts with an aggregate value exceeding $10,000 at any time during the calendar year is required to file a RESC.
RESC can be filled out electronically through the Financial Crimes Enforcement Network's BSA E-Filing System. The form requires information about the account, the account holder, and details about the financial institution where the account is held.
The purpose of RESC is to detect and deter tax evasion and other financial crimes by providing the government with information about foreign financial accounts held by U.S. citizens.
The information required to be reported on RESC includes the account number, name and address of the financial institution where the account is held, the type of account, and the maximum value of the account during the reporting period.
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