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What is r e p o?
R e p o stands for Report of Foreign Bank and Financial Accounts.
Who is required to file r e p o?
Any US person who has a financial interest in or signature authority over foreign financial accounts totaling more than $10,000 at any time during the calendar year.
How to fill out r e p o?
R e p o can be filled out electronically through the Financial Crimes Enforcement Network's BSA E-Filing System.
What is the purpose of r e p o?
The purpose of r e p o is to prevent money laundering, tax evasion, and other financial crimes by tracking foreign financial accounts held by US persons.
What information must be reported on r e p o?
Information such as the account number, name on the account, name and address of the foreign financial institution, and the maximum value of the account during the reporting period.
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