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mach1 ric c 1 is a form used to report certain information regarding assets held by foreign financial institutions.
US persons, including individuals, entities, and trusts, who have a financial interest in or signature authority over foreign financial accounts exceeding certain thresholds, are required to file mach1 ric c 1.
mach1 ric c 1 can be filled out electronically through the BSA E-Filing System provided by the Financial Crimes Enforcement Network (FinCEN).
The purpose of mach1 ric c 1 is to assist the US government in combating money laundering and other financial crimes by providing information on foreign financial accounts held by US persons.
mach1 ric c 1 requires information such as the account number, name and address of the financial institution, maximum value of the account during the year, and whether the account was jointly owned.
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