FinCEN extended the date for certain Report of Foreign Bank and Financial Accounts (“FBAR”) filings until April 15, 2023. The extension applies to certain U.S. persons with authority over foreign financial accounts.
FinCEN extended the deadline because of proposed amendments to rules affecting these financial professionals’ filing requirements. The proposal at issue would amend the Bank Secrecy Act’s exemption for such persons in FBAR filings, particularly for individuals with signature authority over certain foreign financial accounts but no financial interest in the accounts.
Previously, FinCEN extended the filing deadline for financial professionals affected by this proposed rulemaking to April 15, 2022. […]
Click here to visit source. www.mondaq.com