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JUNE 2012-Page 1 Smoke Signals WESTMORELAND FAYETTE COUNCIL Boy Scouts of America 2 Garden Center Drive Greensburg, PA 15601 www.wfbsa.org JUNE 2012 VOLUME #17 ISSUE #6 Important Note: Our Merit Badge
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What is wfbsa?
WFBSA stands for Worldwide Foreign Bank and Financial Account. It is a report filed with the Financial Crimes Enforcement Network (FinCEN) by U.S. persons who have a financial interest in or signature authority over foreign financial accounts.
Who is required to file wfbsa?
U.S. persons, including individuals, corporations, partnerships, and trusts, who have a financial interest in or signature authority over foreign financial accounts that exceed certain thresholds.
How to fill out wfbsa?
WFBSA can be filled out electronically through the FinCEN BSA E-Filing System or by submitting a paper form FinCEN Form 114.
What is the purpose of wfbsa?
The purpose of wfbsa is to combat money laundering, tax evasion, and other financial crimes by providing the U.S. government with information about foreign financial accounts held by U.S. persons.
What information must be reported on wfbsa?
The report must include information about the account holder, the financial institution where the account is held, and the highest balance of the account during the reporting period.
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