A citizen or resident of the United States, a domestic partnership, a domestic corporation, or a domestic estate or trust are required to file FBAR. If you have foreign financial account then you are require to report this account on yearly to Internal Revenue Service.
The conditions are:
The sum value of all the foreign financial account exceeds $ 10,000 at any time during the calendar year and
The person has a financial interest in, or signature authority over one or more accounts in a foreign country.
The due date to file FBAR is on June 30th and it cannot be extended for any reason. If you want to file past years or filing late, then you are required to give valid reason for delay. Account holders who do not comply with the FBAR reporting requirements may be subject to civil penalties, criminal penalties, or both.