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Volume 41 Number 1 Spring 2014 THE CATTLE CALL N e w s l e t t e r f o r A l u m n i o f t h e T C U R an n c h M an n a g e m e n t P r o g r an m F r o m t h e P r e s i d e n t C h a d M c C o
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r a n c stands for Report of Foreign Bank and Financial Accounts. It is a report required by the US Department of Treasury to report foreign financial accounts.
US persons with 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 are required to file r a n c.
r a n c can be filled out online through the Financial Crimes Enforcement Network (FinCEN) website or by submitting Form 114 via mail.
The purpose of r a n c is to combat tax evasion and money laundering by providing the US government with information about foreign financial accounts held by US persons.
Information such as account numbers, names of foreign financial institutions, maximum account values, and the types of accounts must be reported on r a n c.
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