FinCEN Extends Certain FBAR Filing Deadlines – Finance and Banking

FinCEN extended the date for certain Report of
Foreign Bank and Financial Accounts (“FBAR”) filings
until April 15, 2023. The extension applies to certain U.S. persons
with authority over foreign financial accounts.

FinCEN extended the deadline because of proposed amendments to
rules affecting these financial professionals’ filing
requirements. The proposal at issue would amend the Bank Secrecy
Act’s exemption for such persons in FBAR filings, particularly
for individuals with signature authority over certain foreign
financial accounts but no financial interest in the accounts.

Previously, FinCEN extended the filing deadline for financial
professionals affected by this proposed rulemaking to April 15,
2022. This extension applies to filers reporting signature
authority during the 2021 calendar year, as well as to all
reporting deadlines already extended. All other FBAR filers must
comply with the April 15, 2022, deadline.

Primary Sources

1. FBAR Filing Requirement for Certain Financial
   Professionals: FinCEN Notice 2021-1 Extended Filing Date Related to
   Notice 2020-1

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