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In that same vein, are there unique KYC/AML requirements that come about when dealing with customers who don't have an SSN? I've had the experience as an Americ
by atlasunshrugged 4y ago
In that same vein, are there unique KYC/AML requirements that come about when dealing with customers who don't have an SSN? I've had the experience as an American banking in Europe and my impression was that banks really don't like to serve foreigners as customers because it has a higher overall risk profile (I know Americans also have unique additional reporting requirements but in general that was my understanding). Are there any regulations you have to deal with around immigration reporting?
- Piero0909 4y agoIf you have a valid passport and a proof of address in the USA, you are able to open a bank account with Pana and even some big banks. What we've seen is that its 10x more difficult with these big banks.
- atlasunshrugged 4y agoSure, but it's probably partially more difficult because there are heftier regulatory requirements for non-citizens, no? I'm just curious how that translates practically to KYC/AML work on your side
- Piero0909 4y agoYes there are. For now from a regulatory standpoint validating the users identity and their proof of residing in the USA is enough to comply with KYC/AML standpoint