If the total amount in foreign financial accounts exceeds $10,000 at any time in the year, you must file Form 114 (FBAR), even if the transaction involves an American.If the total amount in foreign financial accounts exceeds $10,000 at any time in the year, you must file Form 114 (FBAR), even if the transaction involves an American. It is essential to keep accurate records of all your foreign accounts, including bank accounts, brokerage accounts, and any other types of financial accounts. Failure to file the FBAR can result in significant penalties, so it’s important to understand your report