There is no late FBA
R penalty but there are non-filing penalties. If it is determined that you were willful, the penalty can be up to 50% of the value of the account.
Failing to file an FBAR
can carry a civil penalty of $10,000 for each non-willful violation. If it is willful, the penalty is the greater of $100,000 or 50 percent of the amount in the account for each violation.
FinCEN Form 114, Report of Foreign Bank and Financial Account
s, is used to report a financial interest in or signature authority over a foreign financial account
A US person(including a citizen, resident, green card holder, corporation, partnership, limited liability company, trust or estate) must file an FBAR
to report a financial interest in or signature over at least 1foreign financial account located if the aggregate maximum value of those foreign financial accounts exceeded $10,000 at any time during the calendar year.