According to Bank Secrecy Act, you should report foreign financial accounts like mutual funds, brokerage accounts, and bank accounts to the Treasury Department. You can do this by filing a Report of Foreign Bank and Financial Accounts (FBAR) on FinCEN Form 114. A citizen of the United States, including a resident, Limited Liability Company, trust, and estate must file an FBAR. A financial organization located outside the US is considered a foreign financial account.