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by vidarh
4634 days ago
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The problem you've run into is most likely a result of the "FATCA" provisions (Foreign Account Tax Compliance) in the HIRE Act 2010 - a US law - rather than EU money laundering regulations directly. The result is that any non-US financial entity that don't want to incur the wrath of the US government is required to report information about their US customers to the IRS. See this PDF for HMRC guidance for the UK regarding this: http://www.hmrc.gov.uk/drafts/uk-us-fatca-guidance-notes.pdf As a result, smaller US customers are particularly undesirable for non-US banks these days. |
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