Reporting of Foreign Bank and financial accounts(FBAR). Fincen form 114, is a form that must be filed with the Financial Crimes Enforcement Network each year to comply with provisions of the Bank Secrecy Act of 1970.

If a U.S resident has more than $10,000 in his foreign Bank accounts at any point in the year. Then he/she need to report FBAR,

Foreign Account Tax Compliance Act (FATCA) is a tax information reporting regime, which requires financial institutions to identify their U.S accounts through enhanced due diligence reviews and report them periodically to the U.S Internal Revenue Service. Form 8938, is the attachment to your federal tax return on which you must disclose your assets in detail.

If a U.S resident is single and has more than $50,000 in his foreign Bank accounts at any point in the year. Then he /she needs to report FATCA. If a person is Married and has more than $100,000 to report FATCA.