In addition to your annual US tax return filing responsibility, if you are a US person and have a foreign bank account or are a signatory on a foreign bank account, you are required to file a report called an FBAR or FinCEN Form 114 (formerly known as TD F 90-22.1). This is a separate filing from your tax return, with an independent filing date of June 30 with no extensions.

United States persons are required to file an FBAR if:

⊗ the United States person had a financial interest in or signature authority over at least one financial account located outside of the United States; and

⊗ the aggregate value of all foreign financial accounts exceeded $10,000 at any time during the calendar year reported.

United States person includes U.S. citizens; U.S. residents; entities, including but not limited to, corporations, partnerships, or limited liability companies, created or organized in the United States or under the laws of the United States; and trusts or estates formed under the laws of the United States

Failure to file FinCEN Form 114 by the June 30 deadline can carry a penalty of $10,000 per account.

https://www.irs.gov/businesses/small-businesses-self-employed/report-of-foreign-bank-and-financial-accounts-fbar