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1 of form code is used to report information about certain financial accounts maintained by U.S. persons.
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U.S. persons who have a financial interest in or signature authority over foreign financial accounts are required to file 1 of form code.
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1 of form code can be filled out electronically through the Financial Crimes Enforcement Network's BSA E-Filing system.
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The purpose of 1 of form code is to help the U.S. government identify individuals who may be using foreign financial accounts to evade taxes.
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1 of form code requires information about the account holder, the account number, the financial institution where the account is held, and the highest value of the account during the reporting period.
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