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O FF F C US FRIENDS OF FLORIDA FOLK1625 Hard Verde Sarasota, FL 342322164www.off.org CHANGE SERVICE RECQUESTEDAprilJune, 2014VOLUME XXXIII # 02 ISSN 08922500UO FF FC NONPROFIT ORG US POSTAGE PAID
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FFC stands for Foreign Financial Accounts and refers to the form that must be filed by U.S. persons who have a financial interest in or signature authority over foreign financial accounts.
U.S. persons including individuals, corporations, partnerships, and trusts are required to file FFC if they meet the reporting threshold.
FFC can be filled out electronically through the FinCEN BSA E-Filing System. The form requires information about all foreign financial accounts held by the filer.
The purpose of FFC is to report foreign financial accounts to the U.S. government in order to prevent money laundering and tax evasion.
FFC requires information such as the name and address of the financial institution where the account is held, the account number, and the highest account balance during the reporting period.
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