Financial Crimes Enforcement Network; Amendment to the Bank Secrecy Act Regulations-Reports of Foreign Financial Accounts

FinCEN, a bureau of the Department of the Treasury (``Treasury''), is proposing to revise the regulations implementing the Bank Secrecy Act (``BSA'') regarding Reports of Foreign Bank and Financial Accounts (``FBAR''). The proposed rule would expand and clarify the exemptions for certain U.S. persons with signature or other authority over foreign financial accounts. In addition, the proposed rule would remove the special rules permitting limited account information to be reported when a U.S. person has financial interest in or signature authority over 25 or more foreign financial accounts. The proposed rule would also make several other changes, including a change to the filing date for FBAR reports due in 2017 and a revision to reflect electronic filing of FBARs.