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F E T C (Fillable electronic tax compliance) is needed by individuals or organizations who are required to provide accurate and complete information related to their tax compliance.
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FETC stands for Foreign Bank and Financial Accounts Report.
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U.S. citizens, residents, and certain non-resident aliens are required to file FETC if they have a financial interest in or signature authority over foreign financial accounts.
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FETC can be filled out electronically through the Financial Crimes Enforcement Network's (FinCEN) BSA E-Filing System.
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The purpose of FETC is to report foreign financial accounts and ensure compliance with U.S. tax laws.
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Information such as the name of the foreign financial institution, the account number, the maximum value of the account during the year, and the country where the account is located must be reported on FETC.
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