Top US Court to Weigh Fines for Not Reporting Overseas Accounts

The US Supreme Court agreed to decide how steep the penalties are for people who fail to file required reports with the federal government listing their foreign bank accounts.

The justices said they will hear arguments from Alexandru Bittner, a businessman who was assessed a $2.72 million penalty for not filing timely reports for five years when he was living in Romania. Bittner contends the maximum fine under federal law is $50,000.

The fight centers on the Bank Secrecy Act, a law designed to combat tax evasion and money laundering by requiring US citizens and residents to report on their ...