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This form is used to notify a company or scheme that a substantial holder has ceased to be a substantial holder. It includes details of the substantial holder, changes in relevant interests, changes in association, and addresses of persons named in the form.
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Form 605 is the Annual Report of Foreign Bank and Financial Accounts (FBAR) form.
Any United States person with a financial interest in or signature authority over foreign financial accounts that exceed $10,000 at any time during the calendar year.
Form 605 can be filled out electronically through the Financial Crimes Enforcement Network's BSA E-Filing System.
The purpose of form 605 is to report foreign financial accounts to the U.S. government in order to combat money laundering and tax evasion.
Information such as the account holder's name, account number, name and address of the financial institution, and maximum value of the account during the reporting period.
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