What constitutes an account in a foreign country for purposes of the Treasury Dept. F90-22.1 form?

Full question:

TD F 90-22.1 (rev. 10-2008) states under General Definitions: Account in a Foreign Country: 'Do not report any account maintained with a branch, agency, or other office of a foreign bank (or)_ other institution that is located in the United States'.What constitutes 'branch, agency, or other office of a foreign bank (or) other institution that is located in the United States'?For example, if money is wired to a legitimate United States financial institution located in an account owned by the foreign entity of which a commodity is to be purchased, does that foreign entity fall under the exemption for reporting on TD F 90-22.1?_(or) is typed of in the printed definition on the form which is assumed to be a typo after reviewing TD F 90-22.1 07/2000 similar definition which also appears to have a typo in another part of the sentence.

• Category: Banking laws
• Date: 04/07/2025
• State: Hawaii

Answer:

The current version of the form TD F 90-22.1 was last revised in 2008 which means it would replace any prior versions. If you believe there is a typographical error on the version, it may be addressed directly with the Treasury Department.

The definition provided on the form by the US Treasury of "Account in a Foreign Country" explains that it is requiring the disclosure of information regarding an account that is physically or geographically located outside the United States.

The definition states: "A “foreign country” includes all geographical areas located outside the United States. See “United States Person” above 31 C.F.R. 103.11(nn) for a definition of United States. The geographical location of the account, not the nationality of the financial entity institution in which the account is found determines whether it is in an account in a foreign country. Report any financial account (except a military banking facility) that is located in a foreign country, even if it is held at an affiliate of a United States bank or other financial institution. Do not report any account maintained with a branch, agency, or other office of a foreign bank of other institution that is located in the United States."

If funds are wired to a US account owned by foreign entity, then it appears that the account would be geographically located in the US, not a foreign country. The definition provides that if located physically in the US, then it falls within one of the exceptions to filing.