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2FBS FBS www.fbs.com IB IB IB 1.1.1. 1.2. IB
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FBS stands for Foreign Bank and Financial Accounts.
U.S. persons with a financial interest in or signature authority over foreign financial accounts exceeding certain thresholds are required to file FBAR.
FBAR must be filed electronically through the Financial Crimes Enforcement Network (FinCEN) website.
The purpose of FBAR is to combat tax evasion and ensure proper reporting of foreign financial accounts by U.S. persons.
FBAR requires reporting of the maximum value of each foreign financial account during the calendar year.
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