Persons connected with the transportation into or out of the U.S. of monetary instruments exceeding a specified dollar amount on any one occasion must report the transaction, subject to a number of exceptions.
Except as provided below, each United States person (as defined below) who has a financial interest in or signature or other authority over bank accounts, securities accounts, or other financial accounts in foreign countries, must make a report of those relationships for each calendar year during any part of which the aggregate value of the accounts exceeded $10,000. The report is made on Form TD F 90-22.1 (Report of Foreign Bank and Financial Accounts or FBAR.
A United States person means:
- ... a U.S. citizen,
- ... a individual who is a resident alien under Code Sec. 7701(b) of the U.S., the District of Columbia, the Indian lands (as that term is defined in the Indian Gaming Regulatory Act), and the Territories and Insular Possessions of the U.S.,
- ... an entity, including a corporation, partnership, trust or limited liability company organized or formed under U.S. laws or the law of any State, the District of Columbia, the U.S. Territories and Insular Possessions or Indian Tribes.
- ... bank account , e.g., a savings deposit, demand deposit, checking, or any other account maintained with a person engaged in the business of banking,
- ... a securities account (an account with a person engaged in the business of buying, selling, holding or trading stock or other securities),
- ... an account with a person in the business of accepting deposits as a financial agency,
- ... an insurance or annuity policy with a cash value,
- ... an account with a broker or dealer for futures or options transactions in any commodity on, or subject to rules of, a commodity exchange or association, or
- ... a mutual fund or similar pooled fund which issues shares available to the general public that have a regular net asset value determination and regular redemptions. 28
- ... an account of a department or agency of the U.S., a State or subdivision or Indian Tribe.
- ... an account of an international financial institution of which the U.S. is a member.
- ... an account in a U.S. military banking facility or a U.S. military finance facility operated by a U.S. institution designated by the U.S. government to serve U.S. government installations abroad.
- ... correspondent or nostro accounts that are maintained by banks and used solely for bank to bank settlements