As a person who has to file with FinCEN most years, I beg you all not to jump to the conclusion that you should make foreign bank accounts more onerous than they already are. I think the reporting is about as good as you could hope. My U.S. bank accounts don't oblige me to report to the Canadian government, it is already quite a bit file with FinCEN, I have to get all of my momentary balances and the corresponding exchange rates and tell them the peak.

If you are interested in catching these things more often, it is likely possible to do so with the existing records and reporting requirements.