Reporting Requirements for Foreign Financial Accounts: FinCEN Releases Notice Extending Deadline to June 30, 2014 for Certain Signature Authority Filers

Sullivan & Cromwell LLP - January 4, 2013

The Financial Crimes Enforcement Network of the Department of the Treasury (“FinCEN”) released Notice 2012-2 (the “Notice”) on December 26, 2012, extending the deadline for filing a Report of Foreign Bank and Financial Accounts (an “FBAR”) to June 30, 2014 for certain individuals with signature authority over, but no financial interest in, a foreign account. The filing deadline for these individuals was previously postponed to June 30, 2013 under FinCEN Notices 2011-1, 2011-2 and 2012-1.