US Citizen- Swiss Resident Assessed $316,000 for Nonwillful Failure to File anFBARs

According to Law360, an American living in Switzerland owes the U.S. government more than $300,000 in penalties and interest for his non-willful failure to report 28 foreign bank accounts, the U.S. told a Virginia federal court.

The American, Albert Cambata, did not file the proper notification, known as a Report of Foreign Bank and Financial Accounts, from 2010 to 2012, the U.S. government said in a complaint filed in case is U.S. v. Albert K. Cambata, case number 5:21-cv-00065, in the U.S. District Court for the Western District of Virginia on October 6, 2021.

Cambata had accounts in multiple foreign banks, the government said, including UBS, HSBC and Bank Julius Baer & Co. LTD. 

The U.S. Treasury Department Has Cited Him For
11 FBAR Violations in 2010,
10 FBAR Violations in 2011 and

7 FBAR Violations in 2012,

For A Total of $280,000 in Assessments.

His fines remain unpaid even after the U.S. government sent him notices of assessment, according to the government, which said Cambata owes nearly $316,000 as of August 2021.

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