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#992051 - 07/10/08 03:01 PM HELP ! Form Questions - FBAR & Form 105
CantBeShocked Offline
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Joined: Apr 2006
Posts: 260
MS
Two questions:

1. Are banks required to complete the FBAR when they have normal everyday customers who maintain balances of $10,000 or more and the bank is aware that such customer maintains or has an account in a foreign country? i.e. A bank has a customer with a MM acct balance of $30,000 and this person wires funds to himself or herself to a specified account number at a bank in India or another foreign country. OR - is this only required for foreign correspondent accounts or some other specified customer type?

2. Are banks required to complete a Form 105 if a customer withdraws $13,000 to physically take cash with him on a mission trip to Costa Rica? I read the form instructions and to me they indicate that the CUSTOMER is required to complete the form at customs when leaving the US to declare that he is taking the cash to Costa Rica. Please confirm.
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#993063 - 07/11/08 02:55 AM Re: HELP ! Form Questions - FBAR & Form 105 CantBeShocked
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 78,965
Galveston, TX
1. No. The person holding the account has to file.

2. If you believe that they have not or will not file the Form 105, then a SAR may be in order. It however, is the customer's responsibility
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#994590 - 07/14/08 05:32 PM Re: HELP ! Form Questions - FBAR & Form 105 rlcarey
CantBeShocked Offline
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Joined: Apr 2006
Posts: 260
MS
Thanks !
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