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COUNCIL AGENDA ITEM K-11 COUNCIL MEETING OF 03/02/10 REQUEST FOR COUNCIL ACTION SUBJECT: RESOLUTION NO. 6925 CITY COUNCIL AUTHORIZATION FOR THE MAYOR TO EXECUTE GRANT APPLICATION AND SUBSEQUENT CONTRACT
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rca - reso stands for Report of Foreign Bank and Financial Accounts - Resolution. It is a form that certain individuals and entities are required to file with the US Treasury to report foreign financial accounts.
US persons, including citizens, residents, and certain entities, who have a financial interest in or signature authority over foreign financial accounts with an aggregate value exceeding $10,000 at any time during the calendar year.
rca - reso can be filled out electronically through the Financial Crimes Enforcement Network's (FinCEN) BSA E-Filing System. The form requires information about the account holder, the foreign financial institution, and details about the account.
The purpose of rca - reso is to combat tax evasion and other financial crimes by providing the US government with information about foreign financial accounts held by US persons.
rca - reso requires the reporting of the account holder's identifying information, the name and address of the foreign financial institution, the type of account, and the maximum value of the account during the reporting period.
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