February 24, 2011
FinCEN has issued a final ruling to amend the Bank Secrecy Act BSA) regulations regarding reports of foreign financial accounts. The rule addresses the scope of the persons that are required to file reports of foreign financial accounts. The rule further specifies the types of accounts that are reportable, and provides filing relief in the form of exemptions for certain persons with signature or other authority over foreign financial accounts.
Finally, the rule adopts provisions intended to prevent persons subject to the rule from avoiding their reporting requirement.
The Effective Date of this rule is March 28, 2011.
Applicability Date: This rule applies to reports required to be filed by June 30, 2011 with respect to foreign financial accounts maintained in calendar year 2010 and for reports required to be filed with respect to all subsequent calendar years.
Click here for more details.
Subscribe to:
Post Comments (Atom)
0 comments:
Post a Comment