FBAR stands for Foreign Bank and Financial Accounts Reporting rule. It is a part of the U.S financial regulation to verify whether the money in your foreign financial account is legitimate.
Failing to file an FBAR when required to do so means facing civil monetary penalties, or even criminal penalties based on how you violate it.
Here is the amount of penalty for each type of FBAR violation:
Negligent Violation
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Failing to file an FBAR when required to do so means facing civil monetary penalties, or even criminal penalties based on how you violate it.
Here is the amount of penalty for each type of FBAR violation:
Negligent Violation
- The current maximum amount of penalty: $1,078
- Criminal...
Read more
from What are the penalties for failing to report FBAR?
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