31 CFR 1010.306 - Filing of reports

Cite as31 CFR 1010.306
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65 practice notes
  • Customer Identification Programs, Anti-Money Laundering Programs, and Beneficial Ownership Requirements for Banks Lacking a Federal Functional Regulator
    • United States
    • Federal Register August 25, 2016
    • August 25, 2016
    ...information on the ownership of foreign banks.\20\ --------------------------------------------------------------------------- \19\ See 31 CFR 1010.306-315 (CTRs); 31 CFR 1020.320 (SAR rule for banks); 31 CFR 1010.410 (records to be made and retained by financial \20\ Private banks, trust c......
  • Crawford v. U.S. Dep't of the Treasury, No. 16-3539
    • United States
    • United States Courts of Appeals. United States Court of Appeals (6th Circuit)
    • August 18, 2017
    ...value of all foreign financial accounts exceeded $10,000 at any time during the calendar year reported." See 31 U.S.C. § 5314 ; 31 C.F.R. §§ 1010.306(c), .350. The FBAR appears to have nothing to do with FATCA or the IGAs other than that presumably most if not all individuals subject to FAT......
  • United States v. Goldsmith, Case No.: 3:20-cv-00087-BEN-KSC
    • United States
    • United States District Courts. 9th Circuit. United States District Court (Southern District of California)
    • May 25, 2021
    ...must file such reports by June 30th each year for foreign accounts containing at least $10,000.00 in the prior calendar year. 31 C.F.R. § 1010.306(c). "Thus, § 1010.350 (and the FBAR form) describes what information must be disclosed in the report prescribed by § 5314—the FBAR—while § 1010.......
  • Mendu v. United States, No. 17-cv-738 T
    • United States
    • Court of Federal Claims
    • April 7, 2021
    ...on or before June 30 of the year following the calendar year for which the financial account is maintained. 31 U.S.C. § 5314(a); 31 C.F.R. § 1010.306(c); see also Norman v. United States, 942 F.3d 1111, 1114 (Fed. Cir. 2019). If disclosure is not made, then, pursuant to 31 U.S.C. § 5321(a)(......
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57 cases
  • Crawford v. U.S. Dep't of the Treasury, No. 16-3539
    • United States
    • United States Courts of Appeals. United States Court of Appeals (6th Circuit)
    • August 18, 2017
    ...value of all foreign financial accounts exceeded $10,000 at any time during the calendar year reported." See 31 U.S.C. § 5314 ; 31 C.F.R. §§ 1010.306(c), .350. The FBAR appears to have nothing to do with FATCA or the IGAs other than that presumably most if not all individuals subject to FAT......
  • United States v. Goldsmith, Case No.: 3:20-cv-00087-BEN-KSC
    • United States
    • United States District Courts. 9th Circuit. United States District Court (Southern District of California)
    • May 25, 2021
    ...must file such reports by June 30th each year for foreign accounts containing at least $10,000.00 in the prior calendar year. 31 C.F.R. § 1010.306(c). "Thus, § 1010.350 (and the FBAR form) describes what information must be disclosed in the report prescribed by § 5314—the FBAR—while § 1010.......
  • Mendu v. United States, No. 17-cv-738 T
    • United States
    • Court of Federal Claims
    • April 7, 2021
    ...on or before June 30 of the year following the calendar year for which the financial account is maintained. 31 U.S.C. § 5314(a); 31 C.F.R. § 1010.306(c); see also Norman v. United States, 942 F.3d 1111, 1114 (Fed. Cir. 2019). If disclosure is not made, then, pursuant to 31 U.S.C. § 5321(a)(......
  • United States v. Bittner, Civil Action No. 4:19-cv-415
    • United States
    • United States District Courts. 5th Circuit. United States District Court of Eastern District Texas
    • June 29, 2020
    ...the Treasury promulgated certain regulations implementing § 5314 of the BSA. Of particular relevance here are 31 C.F.R. § 1010.350 and 31 C.F.R. § 1010.306. Section 1010.350 provides that:Each United States person having a financial interest in, or signature or other authority over, a bank,......
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4 firm's commentaries
  • Death Doesn’t Stop the IRS—Failure to File FBARs
    • United States
    • JD Supra United States
    • December 17, 2020
    ...matters. Failure to correctly report one’s foreign interests and accounts could be very costly. [1] 31 C.F.R. § 1010.350(a). [2] 31 C.F.R. § 1010.306(c). [3] 31 C.F.R. § [4] 31 U.S.C. § 5321(a)(5)(C)-(D). [5] U.S. v. Estate of Danielsen, No. 2:19-cv-496-FtM-38NPM, 2020 WL 6163101 (M.D. Fla.......
  • Anti-Money Laundering and Cybersecurity Among the 2017 SEC Examination Priorities
    • United States
    • JD Supra United States
    • January 31, 2017
    ...the “Safeguards Rule,” which requires registered broker-dealers, investment companies, and 6 31 C.F.R. § 1023.220. 7 31 C.F.R. §§ 1010.311, 1010.306, 1010.312. 8 31 C.F.R. § 1023.320. 9 31 C.F.R. § 1010.410(e). 10 https://www.sec.gov/about/offices/ocie/amlsourcetool.htm#3. 11 https://www.se......
  • NJ District Court Caps FBAR Penalty to One Fine Per Year: (New) 2021
    • United States
    • LexBlog United States
    • March 21, 2021
    ...accounts an individual maintains, but rather an aggregate account balance over $10,000. Bittner, 469 F. Supp. 3d at 720; see 31 C.F.R. § 1010.306(c). For example, an FBAR form need not be filed if an individual has fifty (50) foreign financial accounts with an aggregate balance that never e......
  • Top 10 Foreign Bank Account Reporting (FBAR) Mistakes (And How to Fix Them)
    • United States
    • JD Supra United States
    • June 2, 2015
    ...the United States is considered a foreign financial account. 4 The predecessor FBAR Form was TDF 90-22.1. 5 See 31 U.S.C. § 5314; 31 CFR § 1010.306 (June 30th FBAR filing deadline). 6 Moreover, Internal Revenue Code § 7508 does not extend the FBAR filing deadline for members of the Armed Fo......
1 books & journal articles
  • FINANCIAL INSTITUTIONS FRAUD
    • United States
    • American Criminal Law Review Nbr. 58-3, July 2021
    • July 1, 2021
    ...prior to the check’s public sale, and common carriers with respect to currency in possession of their passengers and shippers). 354. 31 C.F.R. § 1010.306(b)(1)–(2) (delineating timing requirements for f‌iling reports); see United States v. Hernandez-Salazar, 813 F.2d 1126, 1137–39 (11th Cir......

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