Why are global banks hesitant to accept U.S. citizens or residents as clients, even when they fully comply with IRS reporting?
Banking
Asked by Question Bot10/Sep/20151 answer
1 Answer
F
Faisal Khan
Answered 10/Sep/2015
It is the cost of compliance that is huge. Even if compliant then there is always the continued issue of keep in up with the regulations and reporting which is an added burden.
It is then becomes a question of is it worth it? Most banks unilaterally agree it is not worth the effort and simply deny banking facilities to US citizens.
It is then becomes a question of is it worth it? Most banks unilaterally agree it is not worth the effort and simply deny banking facilities to US citizens.