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Program in American Culture University of Michigan 505 South State Street 3700 Haven Hall Ann Arbor, MI 48109-1045 American Culture Ethnic Studies News by Maria Montoya, Greg Down, and Amy Stillman
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American CUL stands for Currency and Foreign Transactions Reporting Act. It requires U.S. persons to report annually any foreign accounts or assets exceeding certain thresholds.
U.S. citizens, residents, and certain non-residents who meet the reporting requirements are required to file American CUL.
American CUL can be filled out electronically through the Financial Crimes Enforcement Network's (FinCEN) BSA E-Filing system.
The purpose of American CUL is to combat money laundering and tax evasion by monitoring foreign financial accounts held by U.S. persons.
American CUL requires reporting of foreign financial accounts, including the maximum value of each account during the reporting period.
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