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You must tell the U.S. Treasury if you have both of these:
To report the foreign accounts, complete Form TD F 90-22.1: Report of Foreign Bank and Financial Accounts. Submit this form separate from your return by June 30 of each year.
After June 30, 2013, you must e-file Form TD F 90-22.1. If you're required to file the form but fail to do so without reasonable cause, you might be charged a penalty. The penalty could be up to $10,000. If you willfully fail to file, the penalty increases to the greater of:
You might also be charged with criminal penalties.