U.S. persons with foreign accounts over $10,000 must file FBAR (FinCEN Form 114). For 2025 (2024 accounts) the deadline is April 15 with automatic extension to October 15. Reportable accounts include checking, brokerage, retirement, and life insurance with cash value. Convert balances using Treasury exchange rates and keep records five years. Penalties range from $16,536 for non-willful to the greater of $165,353 or 50% of the account for willful violations.
