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All U.S. citizens and resident aliens are required to file a statement regarding the 'Report of Foreign Bank and Financial Accounts' (FBAR) Form TD F 90-22.1 with the IRS, as mandated by the Bank Secrecy Act regulations issued by the Financial Crimes Enforcement Network. This must be done annually if the taxpayer has a financial interest in, or signature authority over, financial accounts—including bank accounts, securities, or other types of financial accounts—in a foreign country, and if the aggregate value of these accounts exceeds $10,000 at any time during the calendar year (January 1, 2020, to December 31, 2020). The due date for filing the FBAR is April 15, 2020.
If a taxpayer has more than $50,000 in assets in a foreign country, such as bank accounts, securities, or deposits, they must report it to the IRS. The Foreign Account Tax Compliance Act (FATCA) requires this to be reported using Form 8938, which must be filed with the IRS along with the income tax return on or before April 15.
https://www.irs.gov/businesses/small-businesses-self-employed/report-of-foreign-bank-and-financial-accounts-fbar