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RA-R stands for Report of Foreign Bank and Financial Accounts, it is a form required by the US government to report foreign financial accounts.
US persons including individuals, businesses, and trusts with a financial interest in or signature authority over foreign financial accounts exceeding certain thresholds are required to file RA-R.
RA-R can be filled out electronically through the Financial Crimes Enforcement Network (FinCEN) website.
The purpose of RA-R is to combat money laundering, terrorism financing, and tax evasion by providing transparency into foreign financial accounts.
RA-R requires the reporting of the maximum value of each foreign financial account during the calendar year, the country where each account is located, and other relevant account details.
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