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P R I V I L E G E S F L Y I N G P R I V I L E G E S F L Y I N G P R I V I L E G E S F L Y I N G2Guests & Owners Edition 2016 Issue 4GLPFLYING PRIVILEGESPREMIUM ECONOMY CLASS BUSINESS CLASS FIRST CLASS
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What is f l y i?
FLYI stands for Foreign Bank and Financial Accounts Report. It is a form used by United States persons to report their financial interest in or authority over financial accounts located in foreign countries.
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Any United States person who has a financial interest in or signature authority over foreign financial accounts with an aggregate value exceeding $10,000 at any time during the calendar year must file FLYI.
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FLYI can be filled out electronically through the FinCEN BSA E-Filing System or by paper and mailed to the Department of the Treasury. Detailed instructions can be found on the official FinCEN website.
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The purpose of FLYI is to combat tax evasion and money laundering by US persons using foreign financial accounts to hide assets and income.
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FLYI requires the reporting of the account holder's personal information, the financial institution where the account is held, the account number, and the maximum value of the account during the reporting period.
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