Compliance Fundamentals: FBAR Filing and Treasury
FBAR Filing and Treasury
In recent years, the US government has markedly intensified its enforcement of FBAR reporting. The primary responsibilities for FBAR filing typically reside with the treasury and tax departments. Treasury plays a crucial role in monitoring and managing an organization’s bank relationships, global financial accounts, and transactions, while ensuring the maintenance of accurate and up-to-date financial records. This places them in the best position to identify foreign financial accounts that need to be reported by a corporation and provide leadership and support to navigate the complexities of FBAR filing.
Reporting foreign bank and financial accounts is not something that can be ignored. Neglecting it can result in massive fines.
Download this white paper from Strategic Treasurer for information on FBAR filing.
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