You're right on all accounts except the intent of the policies. The polices were intended for people like you. They are popularly SOLD as being against "rich tax evaders", but government, always and everywhere, wants more and more control, and that's why the requirements apply to people with 5 figure bank accounts rather than 8.

Unless sufficient checks are in place, governments will grow their power and control every year, and this is one of the ways they do it.

The more laws you unknowingly violate the more vulnerable you are to capricious prosecution.

Aaron Swartz is a good example of this-- while he did break a legit law (arguably) the penalties and the illegitimate laws thrown at him were designed to give the prosecutors and the courts the power to effectively disappear anyone they want.

If you think FACTA is bad, look at money laundering. Moving money between your checking and savings and a third account is "money laundering" under the federal law.