FATCA was signed into law in 2010, with an aim to levy certain taxes on U.S. citizens and entities with substantial overseas holdings and the overseas institutions that enable some sorts of tax evasion. Requires foreign banks to report and pass due diligence of US persons bank accounts to accurately report to the US treasury based on agreements signed by the US and foreign countries. US person is required to report such accounts using from 8938, please see more details under form 8938 above.
FBAR was a little-enforced portion of the Bank Secrecy Act of 1970 that has seen its revival in the wake of the financial crisis of 2008, which resulted in a renewed desire by the Department of the Treasury to crack down on tax evasion.