A U.S. person who meets both of these qualifications must file an FBAR:
A financial interest in or signature authority over at least one financial account located outside of the United States
The total value of all foreign financial accounts exceeded $10,000 at any time during the calendar year being reported.
FinCEN Form 114 is a requirement for all US Citizens/Residents with foreign bank accounts, and failure to file this form may result in stiff penalties, including punitive financial fees and criminal prosecution.
