# CMinor children bank accounts



## calamar (Mar 18, 2016)

I did a search but I did not find anything, sorry if it was discussed before. Do you guys know whether we need to report according to Fatca children's bank account at their name but under our control?

also, at work I have access to my employer's bank accounts. However, I cannot make a payment on my own and I need the collaboration of two more people (segregation of duties). Do you know if I have to report them too?

thanks in advance for your help.


----------



## BBCWatcher (Dec 28, 2012)

FinCEN Form 114 is a little bit strange that way. The instructions refer to how to handle minors' accounts, especially on page 6. Here's my interpretation:

1. If the minor is a U.S. person, then the minor has his/her own separate filing responsibility, i.e. must file a separate FinCEN Form 114 report if he/she meets the filing threshold on his/her own. You, the parent or guardian, file the FinCEN Form 114 for the minor on his/her behalf. Generally the minor's account(s) would be included in the joint account section.

2. Presumably the minor's account(s) are custodial accounts, meaning you have signature authority and/or outright control over them. If you are required to file FinCEN Form 114 then presumably you'd include the minor's account(s) in the joint account section of the report. Of course the account details should match what the minor is reporting on his/her own separate report (if the minor meets his/her own filing threshold and is required to file).

With respect to your employer's accounts, the instructions answer this question quite clearly. I'll quote from the instructions: "Signature authority is the authority of an individual (alone or in conjunction with another individual) to control the disposition of assets held in a foreign financial account...." Since you have signature authority, according to this definition, then the accounts are reportable. You are not required to have _sole_ signature authority in order for the account to be reportable.


----------



## calamar (Mar 18, 2016)

thanks Bev,

I found in page 7 of the instructions you mentioned a couple of exceptions for the company accounts that may apply to me, I will ask the company's lawyer as we are quoted on the Nasdaq:

4. An officer or employee of an entity that has a class of equity securities listed (or
American depository receipts listed) on any United States national securities exchange is
not required to report signature authority over a foreign financial account of such entity.
5. An officer or employee of a United States subsidiary is not required to report signature
authority over a foreign financial account of the subsidiary if its United States parent has
a class of equity securities listed on any United States national securities exchange and
the subsidiary is included in a consolidated FBAR report of the United States parent.


----------



## Bevdeforges (Nov 16, 2007)

Just one note on the employer's accounts, though. You are only required to fill out the identification information about your employer, not the specific account information.

From the FBAR instructions:



> In addition, United States person who (1) resides outside of the United States, (2) is an officer or employee of an employer who is physically located outside of the United States, and (3) has signature authority over a foreign financial account that is owned or maintained by the individual's employer should only complete Part I and Items 34-43 of Part IV. Part IV should only be completed one time with information about the individual's employer. If additional Part IV’s are required, click on the “+” sign on the e l ect r o nic re po rt to add c opies.


Cheers,
Bev


----------

