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FBAR (Foreign Bank and Financial Accounts Report) is a form required by the U.S. Department of the Treasury to report foreign financial accounts.
Individuals who have a financial interest in or signature authority over foreign financial accounts that exceed $10,000 at any time during the calendar year must file FBAR.
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The purpose of FBAR is to prevent tax evasion and to monitor foreign financial transactions that involve U.S. citizens.
FBAR requires the reporting of the name, address, and account number of each foreign financial account, the maximum balance during the year, and the financial institution's name and address.
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