You are correct.
If deposited in a US account then you would need to file a Form 3520
If deposited in a foreign account and you are a US resident for tax purposes then a Form 8938, Statement of Specified Foreign Financial Assets or a FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR) would be required.
Go to this IRS website for a comparison between the two types of reporting for a foreign account - https://www.irs.gov/businesses/comparison-of-form-8938-and-fbar-requirements
