What Is the FBAR? The Foreign Bank Account Report, commonly known as the FBAR, is officially known as FinCEN Form 114. It’s a requirement by the Financial Crimes Enforcement Network (FinCEN) for U.S. persons (citizens, residents, and certain entities) who have foreign financial accounts that exceed a certain threshold during the calendar year. Who Must File the FBAR? You are required to file the FBAR if: You are a U.S. person (individual or entity) You had a financial interest in or signature authority over at least one financial account located outside the United States The aggregate value of all foreign accounts exceeded $10,000 at any time during the year FBAR filing is separate from your federal tax return and is submitted electronically through the BSA E-Filing System. Why Is FBAR Filing Important? Filing the FBAR helps ensure compliance with U.S. financial regulations and transparency laws. Failure to file may result in penalties, but the goal of the report ...