If you do, you may be required to report the account to the Department of the Treasury.
THE LAW
Any United States person who has a financial interest in or signature authority over any financial account(s) located outside of the United States is required to electronically file a Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR), if the aggregate value of these accounts exceeds $10,000 at any time during the
calendar year.
