Reporting Requirements for Foreign Financial Accounts: FinCEN Releases Notice Extending Deadline to June 30, 2013 for Certain Signature Authority Filers

Sullivan & Cromwell LLP - February 14, 2012

On Tuesday, February 14, 2012, the Financial Crimes Enforcement Network of the Department of the Treasury (“FinCEN”) released Notice 2012-1 (the “Notice”), extending the deadline for filing a Report of Foreign Bank and Financial Accounts (an “FBAR”) to June 30, 2013 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, 2012 under FinCEN Notices 2011-1 and 2011-2.