Records of Foreign Financial Accounts

Persons who are required to file reports of foreign financial accounts under the preceding section (“REPORTS OF FOREIGN FINANCIAL ACCOUNTS”) are also required by the Treasury regulations to maintain certain records about those accounts. The records must reflect the following items:
  • The name in which the account is maintained.
  • The account number or other designation of the account.
  • The name and address of the foreign bank or other person with whom the account is maintained.
  • The type of the account.
  • The maximum value of the account during the reporting period.

These records must be retained for a period of five years not counting any period of time beginning with the time the person keeping the records is indicted or any information is instituted on account of filing a false or fraudulent federal income tax return or failing to file such a return and until final disposition of the proceeding.