DEPARTMENT OF THE TREASURY
Financial Crimes Enforcement Network
31 CFR Part 1010
RIN 1506–AB08
Amendment to the Bank Secrecy Act
Regulations—Reports of Foreign
Financial Accounts
AGENCY: Financial Crimes Enforcement
Network (FinCEN), Treasury.
ACTION: Final rule.
SUMMARY: FinCEN is issuing this final
rule 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.
DATES: Effective Date: This rule is
effective 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.
. . .
Under 31 U.S.C. 5314 the Secretary
‘‘shall require a resident or citizen of the
United States or a person in, and doing
business in, the United States, to * * *
keep records and file reports, when the
resident, citizen, or person makes a
transaction or maintains a relation for
any person with a foreign financial
agency.’’ For this purpose, foreign
financial agency means ‘‘a person acting
for a person as a financial institution,
bailee, depository trustee, or agent, or
acting in a similar way related to
money, credit, securities, gold, or a
transaction in money, credit, securities,
or gold.’’
The Secretary is authorized to
prescribe exemptions to the reporting
requirement and to prescribe other
matters the Secretary considers
necessary to carry out section 5314.
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