974 / What are the penalties for failing to comply with the FBAR filing requirements?
The maximum civil penalty for non-willful failure to comply with FBAR reporting requirements is $10,000.1 However, additional penalties may apply for willful violations. Penalties for a willful failure to file can be as much as the greater of $100,000 or 50 percent of the amount in the account at the time of the violation.2 These penalties can be imposed for failure to file or for failure to maintain the required records (see Q ).
The statute of limitations for civil or criminal violations is generally six years for FBAR purposes, meaning that the total penalties for failure to file for multiple years could be more than the value in the account.
These dollar values are adjusted annually for inflation. In 2023, the penalty for a non-willful failure to comply is $15,611 and $156,107 or 50 percent of the amount in the account at the time of violation for a willful failure to comply.3