The Foreign Account Tax Compliance Act (FATCA), part of the 2010 Hiring Incentives to Restore Employment Act, introduced IRC Section 6038D, which requires you to report any overseas accounts that hold "specified foreign financial assets." This reporting occurs on IRS Form 8938 ("Statement of Specified Foreign Financial Assets"), and you file this form with your annual tax return. Compare FBAR reporting, and see the FAQ elsewhere on this website that explains both FBAR and FATCA reporting.