There are penalties for not filing an FBAR when required.
What Are the FBAR Penalties for Not Filing?
For those whose lack of filing was non-willful (meaning you didn’t know about your reporting obligation), the fine can be $10,000 per violation.
If it is determined that you purposely avoided filing, the fine can be $100,000 or 50% of the balance of the account at the time of the violation, whichever is greater.
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