Aggregate value
The combined maximum value of all your foreign financial accounts during the year. The $10,000 FBAR threshold is measured against this total, not each account individually.
Bank Secrecy Act (BSA)
The 1970 U.S. law that established financial reporting requirements — including the FBAR — to help detect money laundering and other financial crimes.
BSA E-Filing System
FinCEN's official online platform used to submit the FBAR and other BSA forms electronically.
FATCA
The Foreign Account Tax Compliance Act, which created Form 8938 reporting for specified foreign financial assets. Related to, but distinct from, the FBAR.
Financial interest
Ownership of, or legal title to, an account — or ownership through an entity or nominee. You can have a financial interest even without day-to-day control.
FinCEN
The Financial Crimes Enforcement Network, a bureau of the U.S. Treasury that administers the FBAR and operates the e-filing system.
FinCEN Form 114
The official form number of the FBAR — the Report of Foreign Bank and Financial Accounts.
Foreign financial account
An account located outside the United States, such as a bank, brokerage, or certain insurance accounts. Location, not the institution's nationality, determines “foreign.”
Form 8938
The “Statement of Specified Foreign Financial Assets,” filed with your IRS tax return under FATCA. Different thresholds and scope than the FBAR.
Maximum value
The highest balance an account reached at any point during the calendar year, reported in U.S. dollars — not the year-end balance.
Non-willful violation
A failure to comply that was unintentional — for example, being unaware of the requirement. Subject to lower, capped penalties and possible relief.
Reasonable cause
A standard under which penalties may be reduced or waived when a person exercised ordinary care and prudence but still failed to comply.
Signature authority
The ability to control an account's assets by giving instructions to the institution, alone or with others — even without owning the funds.
Streamlined procedures
IRS compliance procedures for taxpayers whose failure to file was non-willful, allowing them to catch up on filings.
U.S. person
For FBAR purposes: a U.S. citizen or resident, or a U.S.-formed entity, trust, or estate.
Willful violation
A voluntary, intentional disregard of a known duty to file — including “willful blindness.” Subject to substantially higher penalties.
Want the full picture?
Start with What is the FBAR or check Who Must File to see how these terms fit together.
Definitions are simplified for general education and are not legal or tax advice. See our full disclaimer.