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Exactly why is Bank of America Asking Customers About Their Citizenship?

7 April, 2020 | By |

Exactly why is Bank of America Asking Customers About Their Citizenship?

Lenders discriminate against immigrants—and frequently, it is completely appropriate.

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The reports began trickling in to online discussion boards and news that is local beginning in 2017. The stories all followed roughly the same pattern: Bank of America sent a customer a notice demanding details about their citizenship—and if they refused to answer, their accounts were promptly frozen from Reddit to The Kansas City Star, Washington to New York.

This tale ended up being produced with support through the Economic Hardship Reporting venture.

Bank of America explained it was needed to ask the concern to adhere to Treasury laws. It is true that US finance institutions must monitor their makes up about signs and symptoms of money laundering, and conform to any office of Foreign Assets Control’s financial sanctions on a few nations, including Iran, Cuba, and Syria. Under a split legislation, international banking institutions must gather citizenship information from Us citizens, basically to be able to find prospective tax-dodgers.

But domestically, they’re not needed to gather consumer citizenship information. In reality, Social protection numbers aren’t also expected to start a free account. Right after Donald Trump’s election, in December 2016, a counsel that is senior the United states Bankers Association said that “banks don’t track whether or perhaps not somebody is lawfully within the U.S. Read More

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