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IMPORTANT INFORMATION ABOUT OPENING A NEW ACCOUNT To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain,
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FRBFCU stands for Foreign Bank and Financial Accounts Report (FBAR), which is a form used to report foreign financial accounts to the U.S. Government.
Any U.S. person who has a financial interest in or signature authority over foreign financial accounts with an aggregate value of over $10,000 at any time during the calendar year is required to file an FBAR.
The FBAR is filled out electronically through the Financial Crimes Enforcement Network (FinCEN) website. The form requires information about the account holder, the foreign financial accounts, and the maximum value of each account during the year.
The purpose of the FBAR is to combat money laundering, tax evasion, and other financial crimes by ensuring that U.S. persons report their foreign financial accounts to the government.
The FBAR requires the reporting of the account holder's name and address, the name and address of the foreign financial institution, the account number, and the maximum value of the account during the year.
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