FBAR
Also known as: FinCEN Form 114, Foreign Bank Account Report
A US filing reporting foreign financial accounts; its application to crypto-only accounts has been debated and is evolving.
Definition
The FBAR (FinCEN Form 114) requires US persons to report foreign financial accounts exceeding a threshold. Whether crypto-only accounts held abroad must be reported has been uncertain, though guidance has signalled crypto may be brought into scope. It is a US obligation with no direct South African equivalent, but it illustrates how authorities pursue offshore visibility — a goal CARF achieves for SARS.
Example
A US person holding significant crypto on a foreign exchange may face FBAR-style reporting questions; a South African instead falls under CARF for SARS visibility.
Jurisdiction notes
- South Africa: FBAR is a US foreign-account report with no direct SA equivalent; CARF provides SARS with cross-border crypto visibility instead.