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SEC Form 3 UNITEDSTATESSECURITIESANDEXCHANGE COMMISSION FORM3 APPROVAL OMB Number: Washington, D.C.20549 INITIALSTATEMENTOFBENEFICIALOWNERSHIP SECURITIES 32350104 Expires: December 31, 2014, Estimatedaverageburden
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Form 3 is a document that must be filed with the IRS by certain individuals or entities to report foreign bank and financial accounts.
Individuals or entities who have a financial interest in or signature authority over foreign bank and financial accounts with an aggregate value exceeding $10,000 at any time during the calendar year are required to file form 3.
Form 3 can be filled out electronically on the Financial Crimes Enforcement Network (FinCEN) website. Detailed instructions are provided on the website to guide individuals through the process.
The purpose of form 3 is to help the IRS identify individuals or entities who may be using foreign bank accounts to evade taxes or engage in other financial crimes.
Form 3 requires individuals to report the name of the foreign financial institution, the account number, and the maximum value of the account during the calendar year.
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