News & Analysis as of May 30, 2025

Bank Secrecy Act

+ Follow

The United States Supreme Court is the highest court of the United States and is charged with interpreting federal law, including the United States Constitution. The Court's docket is largely discretionary with only a limited number of cases granted review each term. The Court is comprised of one chief justice and eight associate justices, who are nominated by the President and confirmed by the Senate to hold lifetime positions. less -

The Status of the Corporate Transparency Act – It’s Not Clear

Rivkin Radler LLP on 1/3/2025

Few would argue that the federal government does not have a legitimate interest in preventing, detecting, and punishing tax fraud, money laundering, and other financial crimes. Likewise, I imagine few would disagree with the...more

Supreme Court Hands Taxpayers a Victory in FBAR Penalty Case

Cadwalader, Wickersham & Taft LLP on 3/22/2023

Taxpayers recently won a significant victory at the Supreme Court in a penalty case involving a non-willful failure to file a Report of Foreign Bank and Financial Accounts (“FBAR”) under the Bank Secrecy Act (the “BSA”)....more

Supreme Court Rules in Favor of Taxpayer in FBAR Case Penalty for Non-Willful Violations Apply on a Per-Report Basis

BakerHostetler on 3/10/2023

On Feb. 28, the U.S. Supreme Court ruled that non-willful penalties related to FBARs apply to each report filed, not on a per-account basis. The 5-4 decision resolved a split between the Fifth and Ninth circuits that focused...more

Supreme Court Rules Non-Willful FBAR Penalties are Calculated on a Per Report Basis

Cole Schotz on 3/8/2023

On February 28, 2023, in a significant tax case, Bittner v. US, the U.S. Supreme Court held that a U.S. person who fails to file his or her FBAR on a non-willful basis only is subject to a single penalty on the failure to...more

U.S. Supreme Court Rules Against Government in FBAR Penalty Case

Fox Rothschild LLP on 3/6/2023

The U.S. Supreme Court has ruled that the $10,000 penalty for a nonwillful violation of the foreign bank account reporting rules in the Bank Secrecy Act applies on a “per-form” basis, not a “per-account” basis, handing...more

Supreme Court Decides Bittner v. United States

Faegre Drinker Biddle & Reath LLP on 3/1/2023

On February 28, 2023, the U.S. Supreme Court decided Bittner v. United States, No. 21-1195, holding that the Bank Secrecy Act (BSA) treats the failure to file a legally compliant report as one violation carrying a maximum...more

Docket Check: US Supreme Court to Decide Key Criminal and Regulatory Cases This Term

Jackson Walker on 10/12/2022

The U.S. Supreme Court began its new term last week and is poised to answer some major questions in criminal and regulatory law. This term, the Court is tasked with construing the Bank Secrecy Act’s penalty provision, ruling...more

US Supreme Court to Review Non-willful FBAR Penalty

Fox Rothschild LLP on 6/30/2022

The U.S. Supreme Court has agreed to resolve a dispute concerning the maximum applicable penalty for non-willful violations of the foreign bank account reporting statute. The Ninth and Fifth circuit courts are split on...more

8 Results

View per page

Page: of 1

Supreme Court of the United States › Reporting Requirements › Bank Secrecy Act

"My best business intelligence, in one easy email…"