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Most US-based organizations — and many US citizens and residents — with one or more financial accounts located outside the country must file an FBAR with the US Department of Treasury on or before June 30 every year. This is a brief summary of the requirement, including information on who must file and penalties for noncompliance.

It is particularly challenging to open a bank account in many Latin American countries, given anti-money-laundering and other regulations put in place to combat drug trafficking and terrorism. Brazil is a case in point. The time it takes to set up a bank account in Brazil can vary greatly, depending on the bank involved and other factors.