Adding to the thread and your comment to put some authority behind it.
This excerpt taken from the FBAR instructions found here:
Who Must File
A U.S. person, including a citizen, resident, corporation, partnership, limited liability company, trust and estate, >must file an FBAR to report:
a financial interest in or signature or other authority over at least one financial account located outside the >United States if
the aggregate value of those foreign financial accounts exceeded $10,000 at any time during the calendar >year reported.
Generally, an account at a financial institution located outside the United States is a foreign financial account. >Whether the account produced taxable income has no effect on whether the account is a foreign financial >account for FBAR purposes.
But, you don’t need to report foreign financial accounts that are:
Correspondent/Nostro accounts
This sounds interesting. Now, If you look up what is meant by Nostro account, you find this:
Nostro Account
A Nostro account is a reference used by Bank A to refer to “our” account held by Bank B. Nostro is a shorthand way of talking about "our money that is on deposit at your bank."1
The Nostro account is the record of the bank that has money on deposit at another bank. These accounts are often used to simplify settlements of trade and foreign exchange transactions.1
Nostro accounts differ from standard demand deposit bank accounts in that they are usually held by financial institutions, and they are denominated in foreign currencies.