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"...foreign banks to identify US citizens among their customers to US tax authorities. The penalty for failing to do so can be as high as 30% of all a bank's de
by emiliobumachar 11y ago
"...foreign banks to identify US citizens among their customers to US tax authorities. The penalty for failing to do so can be as high as 30% of all a bank's dealings with the USA."
So, could any new, small bank start accepting americans as costumers but completely refuse to deal with the USA, not even a tiny transfer, or charge a 50% fee for each transaction?
Would that be legal?
- thisone 11y agoFrom what I understood of the law when I was wondering about my banks, yes. Though I have no idea how small and local the bank would be to not have to think about it.