UK bank accounts reporting to US Treasury

Questions...
I read that a UK bank automatically reports bank account details to the U.S. Treasury on US citizens. Is this true? If so what is the point of filing the FBAR if they already have the information?

Also I read online somewhere about sending in statements with the FBAR? I just filled it out online. Then notification via email it had been received. Now what? Will I need to do anything further? Send in bank statements?

Thanks
First time FBAR filer and confused. 

If you filled out the on-line form, you're done. No 'statements' required.

UK banks are now in reporting mode, but that's (theoretically) to catch all the peeps who don't report their gazillions :-)

If you filled out the on-line form, you're done. No 'statements' required.

UK banks are now in reporting mode, but that's (theoretically) to catch all the peeps who don't report their gazillions :-)

+1

I opened my UK bank account 30 years ago and 20 years later I became a US citizen.  I doubt they know that I am a US citizen, although they do know that I am a US resident. The same goes for my 2 UK private pensions.

I don't think international reporting of foreign financial accounts will ever be considered accurate enough for the Treasury to stop the need for self reporting.

UK financial institutions are required under the 2013 Finance Act (signed by the Queen) to find US persons and report on them to HMRC. HMRC act as a mailbox and forward the data to the IRS.

The IRS can then check that data they receive from financial institutions matches with FBARs and Forms 8938 filed by US persons. The IRS can use this matching process to find tax cheats; which will be good for the rest of us.

The IRS can use this matching process to find tax cheats; which will be good for the rest of us.

For US residents, fair enough. For UK residents, it's a mechanism whereby the USA extracts money from the UK economy. Since we live in the UK, this is not good for the rest of us.