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F U N D A M E N TA L S Standard Work: Holding the Gains Robert W. Hall standard work is an old-fashioned, underappreciated industrial term. Similar concepts are implied by other words and phrases:
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F U N D stands for Foreign Bank and Financial Accounts Report, which is a report filed with the US Treasury Department to report foreign financial accounts.
US persons who have a financial interest in or signature authority over foreign financial accounts with an aggregate value over $10,000 are required to file F U N D.
F U N D can be filled out electronically using the FinCEN Form 114 through the BSA E-Filing System.
The purpose of F U N D is to combat tax evasion and money laundering by providing information about foreign financial accounts held by US persons.
F U N D requires reporting the maximum value of each foreign financial account in the calendar year, the type of account, and information about the foreign financial institution.
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