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FBAR Headaches: How Automation Can Alleviate the Pain

Manual FBAR reporting is a time-consuming and detail-driven process that can take several weeks to months. As a result, many corporate treasury departments are implementing BAM or eBAM systems to automate the process of gathering, validating, and reporting data for FBAR. Some systems are able to generate FinCen Form 114 (FBAR report). Or, they are leveraging their ERP systems and banking systems more fully to perform the reporting.

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Jeff Diorio/Treasury Strategies

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