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The article is informative. It seems the requirements are only for banks that have a presence in the US. I'm not sure if the bank I went to has a presence in th

• eesmith 8y ago
  Many banks have SWIFT accounts (see https://en.wikipedia.org/wiki/Society_for_Worldwide_Interbank_Financial_Telecommunication https://en.wikipedia.org/wiki/Society_for_Worldwide_Interban... ). This has been used by the US for purposes that other countries disagree with. As a result, and quoting from that URL: > In September 2018 the European Union foreign policy head, Federica Mogherini, proposed the development of a new "special purpose financial vehicle" intended to bypass the U.S. controlled Society for Worldwide Interbank Financial Telecommunication payments system - commonly known as SWIFT. The seven founding members of this new system are to be Iran, the European Commission, Germany, France, the U.K., Russia and China - but not the United States. Web sites like http://non-fatca-banks.com/pk.html http://non-fatca-banks.com/pk.html list which banks are members of SWIFT, because that means they are exposed to penalties should they fail to follow FACTA reporting laws. For example, the National Bank of Pakistan followed FACTA, see https://www.nbp.com.pk/fatca/index.aspx https://www.nbp.com.pk/fatca/index.aspx .