AI agents for business finance: what they can and can't do
What AI agents can do in bookkeeping, close, collections and compliance today, where a person must stay in charge, and how to judge a product.
The short answer
It depends on where you live. US persons must file an FBAR if their foreign accounts together exceed $10,000 at any time in the year, and may also need Form 8938. Canadian residents file Form T1135 if foreign property, including foreign bank accounts, cost more than C$100,000 at any time in the year. Irish residents who open a foreign account become chargeable persons and must report it. The UK has no equivalent account-listing form on the GOV.UK pages we read; it taxes the income through Self Assessment.
A savings account at a Nigerian bank, a domiciliary account opened years ago, a naira account a parent operates for you: none of these stop being yours when you move abroad. Some countries want to know they exist even if they earn nothing. Others only care about the income. The rules below are from each tax office's own pages, checked in October 2026.
United States: FBAR and Form 8938
The IRS FBAR page (reviewed July 2026) says US persons, meaning citizens, residents and US entities, must file FinCEN Form 114 if they have a financial interest in, or signature authority over, foreign financial accounts whose combined value exceeds $10,000 at any time in the calendar year. Every account is then listed, and it does not matter whether the account earns taxable income.
- Filed online through FinCEN's BSA E-Filing system, not with your tax return.
- Due 15 April, with an automatic extension to 15 October.
- Values from statements are converted at the end-of-year Treasury rate.
- Records are kept for five years.
Form 8938 is separate and attached to your return. The IRS comparison page (September 2026) sets these thresholds:
| Filer | Last day of year more than | Any time in year more than |
|---|---|---|
| Single or married filing separately, living in US | $50,000 | $75,000 |
| Married filing jointly, living in US | $100,000 | $150,000 |
| Single or married filing separately, living abroad | $200,000 | $300,000 |
| Married filing jointly, living abroad | $400,000 | $600,000 |
The same page says the Form 8938 penalty can be up to $10,000, plus $10,000 for each 30 days after an IRS notice, to a maximum of $60,000. Shares held directly, not through an account, can be reportable on Form 8938 but not on the FBAR.
Example (illustration only)
Ngozi, a US resident, has a Nigerian naira savings account and a domiciliary account. In March the naira account briefly held the equivalent of $7,000 and the dom account $4,500. Together that is $11,500 at the same time, above $10,000, so she files an FBAR listing both, even though neither earned much interest.
Canada: Form T1135
CRA's T1135 questions and answers (updated October 2026) say a Canadian resident must file if the total cost of specified foreign property is more than C$100,000 at any time in the year. Foreign bank accounts count, as do shares of non-resident companies and foreign rental property held for profit. Personal-use property, such as a house used mainly by you and your family, does not.
- Under C$250,000 throughout the year: the simplified Part A.
- C$250,000 or more at any time: the detailed Part B.
- No T1135 is needed for the year you first became resident.
- It is due with your tax return, even if you are not otherwise required to file one.
Ireland: section 895 foreign accounts
Under section 895 of the Taxes Consolidation Act, as Revenue's note for guidance explains, an Irish resident who opens or causes to be opened a foreign account is treated as a chargeable person for that year, even if they are otherwise on PAYE. The return must give the name and address of the institution, the date opened, the opening deposit and any intermediary. There is an exception for a "specified individual" holding a "specified foreign account", which covers accounts in jurisdictions that are not blacklisted or that comply with CRS or FATCA. Whether that exception covers a Nigerian account was not confirmed on the pages we read, so ask Revenue or an adviser.
United Kingdom
GOV.UK's foreign income guidance says UK residents normally pay UK tax on foreign income, including foreign interest, and report it through Self Assessment. On the pages we read there is no separate UK form that lists foreign bank accounts as such; what matters is declaring the income. Account information can still reach HMRC through automatic exchange; see whether Nigeria shares account data.
Other countries
If you live elsewhere, look for two things on your tax office's site: a rule on declaring foreign assets or accounts, and the rule on foreign interest. Do not assume a small balance is exempt; the US and Canadian tests count the highest value or cost during the year, not the closing balance.
Steps
- List every Nigerian account in your name or that you can sign on, including joint and dormant ones.
- Find each account's highest balance in the year, from statements.
- Convert using the rate your tax office specifies.
- Check the thresholds above, add the accounts together where the rule says so, and file on time.
- Declare any interest on the account as income; see tax on Nigerian interest.
Where Pryme fits
Reporting rules need balances you can prove. Pryme customers can download statements, and a verifiable statement made with VerifyDoc.ai can be checked by anyone for authenticity (receipts and statements). Our checklist for a multicurrency account abroad covers the wider set-up. This is information, not tax advice.
Questions people ask
Do I need to report my Nigerian bank account to the IRS?
If you are a US person and all your foreign accounts together exceeded $10,000 at any time in the year, yes, on an FBAR. Form 8938 may also apply above higher thresholds.
Does a dormant Nigerian account count for the FBAR?
If you still have a financial interest in it or signature authority over it, it counts towards the $10,000 total and must be listed.
Do Canadians report Nigerian bank accounts?
Through Form T1135, if the total cost of all specified foreign property exceeds C$100,000 at any time in the year.
Does the UK require me to declare a Nigerian account?
On the GOV.UK pages we read, the requirement is to declare foreign income, such as interest, through Self Assessment, not to list the account.
Sources
- IRS: Report of Foreign Bank and Financial Accounts (FBAR) (reviewed 30 Jul 2026) · accessed Oct 2026
- IRS: Comparison of Form 8938 and FBAR requirements (reviewed 19 Sep 2026) · accessed Oct 2026
- CRA: Questions and answers about Form T1135 (modified 19 Oct 2026) · accessed Oct 2026
- Revenue note for guidance, TCA 1997 s.895 (via Chartered Accountants Ireland TaxSource) · accessed Oct 2026
- GOV.UK: Tax on foreign income · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.