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Who needs 4i7 coverage?
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What is 4i7 coverage?
4i7 coverage refers to the disclosure filed by certain persons who have interests in foreign financial accounts.
Who is required to file 4i7 coverage?
US persons who have a financial interest in or signature authority over foreign financial accounts are required to file 4i7 coverage.
How to fill out 4i7 coverage?
Form 4i7 can be filled out electronically and submitted through the BSA E-Filing System.
What is the purpose of 4i7 coverage?
The purpose of 4i7 coverage is to report foreign financial accounts to maintain transparency and prevent tax evasion.
What information must be reported on 4i7 coverage?
Details of the foreign financial accounts including the account number, name of the financial institution, and maximum value of the account during the reporting period.
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