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4th quarter 2020 volume 21 no. 4 ISSN 10181466OHASAJOURNALO f i c i an l m o u t h p i e c e o f t h e O r an l H y g i e n i s t s A s s o c i a t i o n o f So u t h A f r i c a(Pty) Ltd 2020SENSITIVITY
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What is o f f i?
O F F I stands for Report of Foreign Bank and Financial Accounts.
Who is required to file o f f i?
U.S. persons with a financial interest in, or signature authority over, foreign financial accounts exceeding certain thresholds are required to file O F F I.
How to fill out o f f i?
O F F I can be filled out online through the Financial Crimes Enforcement Network (FinCEN) website or by using the paper form 114.
What is the purpose of o f f i?
The purpose of O F F I is to report foreign financial accounts to the U.S. government in order to combat money laundering and tax evasion.
What information must be reported on o f f i?
On O F F I, information such as the account number, name and address of the financial institution, and the maximum value of the account during the reporting period must be reported.
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