Vienna, VA — The Financial Crimes Enforcement Network (FinCEN) today made a further announcement that a small subset of individuals with only signature authority over certain foreign financial accounts who are required to file a Report of Foreign Bank and Financial Accounts (FBAR) with respect to those accounts will receive a one-year extension beyond the upcoming filing date of June 30, 2011.
FinCEN today issued Notice 2011-2 that extends the deadline until June 30, 2012, for the following individuals:
- An employee or officer of an investment advisor registered with the Securities and Exchange Commission who has signature or other authority over and no financial interest in a foreign financial account of persons that are not investment companies registered under the Investment Company Act of 1940.
FinCEN earlier issued Notice 2011-1providing an extension until June 30, 2012 for certain financial professionals. Today’s Notice, which supplements FinCEN Notice 2011-1, was issued to facilitate more accurate compliance with the FBAR filing requirements in the wake of the finalization of the FBAR regulations on Feb. 24, 2011. The FBAR form (TD-F 90-22.1) is used to report a financial interest in, or signature or other authority over, one or more financial accounts in foreign countries.