For me, I got an inheritance that I didn't really remember from a relative who passed away years ago. It was put into a foreign bank account since this person w

For me, I got an inheritance that I didn't really remember from a relative who passed away years ago. It was put into a foreign bank account since this person wasn't a US citizen and passed away in the country of their birth, and since I got it as a minor I basically ignored it, figuring I could just leave it as a bit of an emergency fund. When I found out about the new rules and then remembered the bank account (10 years later!) I realized I was probably not in compliance. That's one thing that spooks people: $2000 in a bank account you forgot about can lead to disproportionate fines. I had to do a lot of paperwork to get into compliance, and because I had to transfer the money I actually lost a lot in a poor exchange rate (due to various constraints).