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Financial Services Law Insights and Observations

FinCEN extends FBAR filing deadline for natural disaster victims

Federal Issues FinCEN Disaster Relief FBAR

Federal Issues

On October 6, the Financial Crimes Enforcement Network (FinCEN) issued a notice extending the deadline to December 31, 2020, for victims of certain recent natural disasters to file their reports of Foreign Bank and Financial Accounts (FBAR) for the 2019 calendar year. The expanded relief is offered to victims impacted by the California wildfires, Iowa Derecho, Hurricane Laura, Oregon wildfires, and Hurricane Sally. If FEMA later designates additional areas as eligible for individual assistance, FBAR filers in those locations will automatically receive the same filing relief. FinCEN will also work with FBAR filers who live outside the designated disaster areas but may have trouble meeting their filing obligations because their records are located in the affected areas.

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