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Financial Services Law Insights and Observations

FinCEN Extends Deadline for Report of Foreign Bank and Financial Accounts Filings


Consumer Finance

On December 8, FinCEN issued a notice extending the deadline for certain filers to submit the Report of Foreign Bank and Financial Accounts (FBAR) because filers continue to submit questions to FinCEN that require additional consideration and possible regulatory changes. The notice extends the filing deadline for FinCEN Form 114 – FBAR from June 30, 2016 to April 15, 2017 for “certain individuals with signature authority over but no financial interest in one or more foreign financial accounts.” FinCEN issued notices announcing identical extensions the past four years, and the extension applies to the reporting of signature authority held during the 2015 calendar year, as well as to the reporting deadlines extended by previous notices.