Top US Court Curbs Fines for Not Reporting Overseas Accounts (1)

The US Supreme Court scaled back the federal penalties for failing to file required reports listing foreign bank accounts in a ruling likely to help some Americans living abroad.

The justices, voting 5-4, threw out a $2.72 million fine on Alexandru Bittner, a businessman who didn’t file reports for five years when he was living in Romania. Bittner contended the maximum penalty under federal law is $50,000.

The fight centered 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 foreign holdings. For unintentional violations, ...