4 ms·

You should see how many European banks don't bother to comply with basic financial corruption protections and just block US citizens from having accounts

pmontra 3y ago
Well, my bank complies with local corruption and money laundering protections as mandated by law. I have to spend time getting an interview every few years to get a risk score. They and most of the other banks just send US citizens to their competitors instead of spending money to comply with US regulations too. It seems that there are not enough US customers around here.
- drstewart 3y ago
  >Well, my bank complies with local corruption and money laundering protections as mandated by law My Google complies with local data protections and regulations as mandated by law. >It seems that there are not enough US customers around here. So you're telling me it's okay not to comply with a regulation because the market doesn't justify it and not because you're cartoonishly evil? Interesting. I wonder if we could apply that principle to other circumstances.
  - pmontra 3y ago
    Not complying with regulations of other countries you don't operate in is normal, or am I wrong?
- seanmcdirmid 3y ago
  It’s not just US citizens, but anyone who holds a green card or H1 visa. Even a Swiss can be blocked from getting a Swiss bank account.
miroljub 3y ago
> You should see how many European banks don't bother to comply with basic financial corruption protections and just block US citizens from having accounts You should see how many European banks don't bother to comply with the US law in Europe, and just block US citizens in Europe from having accounts in Europe. FTFY Now, please explain why do you think that the US should expose their regulations to foreign banks operating in foreign countries?
- drstewart 3y ago
  >Now, please explain why do you think that the US should expose their regulations to foreign banks operating in foreign countries? You're so close to getting it.
  - ithkuil 3y ago
    Rhetorical questions have retortical answers
- RestlessMind 3y ago
  Because those foreign banks want access to USD. Don't want to comply with US regulations? Just don't use USD.
  - ithkuil 3y ago
    Can you guys trade Euro and other foreign currencies in US banks?
    - RestlessMind 3y ago
      I don't know. Never had to. Why do you ask?
kyrra 3y ago
For this unaware, see this article: https://www.wsj.com/articles/the-land-of-the-free-wont-leave-me-alone-irs-facta-france-tax-compliance-d1005893 https://www.wsj.com/articles/the-land-of-the-free-wont-leave... (mirror: https://archive.is/XbbJS https://archive.is/XbbJS)
beefield 3y ago
You seem to imply EU regulators do not require european banks to "comply with basic financial corruption protections". Any source to that? What comes to european banks not wanting to do anything with US related entities, my understanding is that the primary reason is the non-trivial amount of red tape and legal risks associated with US entities weighted against relatively small amoumt of pontential customers.
- mardifoufs 3y ago
  >my understanding is that the primary reason is the non-trivial amount of red tape and legal risks associated with US entities That's also the reason why some corporations don't bother with GPDR!
- RestlessMind 3y ago
  > non-trivial amount of red tape and legal risks It seems you are also describing GDPR

pmontra 3y ago

Well, my bank complies with local corruption and money laundering protections as mandated by law. I have to spend time getting an interview every few years to get a risk score. They and most of the other banks just send US citizens to their competitors instead of spending money to comply with US regulations too. It seems that there are not enough US customers around here.

drstewart 3y ago
>Well, my bank complies with local corruption and money laundering protections as mandated by law My Google complies with local data protections and regulations as mandated by law. >It seems that there are not enough US customers around here. So you're telling me it's okay not to comply with a regulation because the market doesn't justify it and not because you're cartoonishly evil? Interesting. I wonder if we could apply that principle to other circumstances.
- pmontra 3y ago
  Not complying with regulations of other countries you don't operate in is normal, or am I wrong?
seanmcdirmid 3y ago
It’s not just US citizens, but anyone who holds a green card or H1 visa. Even a Swiss can be blocked from getting a Swiss bank account.

miroljub 3y ago

> You should see how many European banks don't bother to comply with basic financial corruption protections and just block US citizens from having accounts You should see how many European banks don't bother to comply with the US law in Europe, and just block US citizens in Europe from having accounts in Europe. FTFY Now, please explain why do you think that the US should expose their regulations to foreign banks operating in foreign countries?

drstewart 3y ago
>Now, please explain why do you think that the US should expose their regulations to foreign banks operating in foreign countries? You're so close to getting it.
- ithkuil 3y ago
  Rhetorical questions have retortical answers
RestlessMind 3y ago
Because those foreign banks want access to USD. Don't want to comply with US regulations? Just don't use USD.
- ithkuil 3y ago
  Can you guys trade Euro and other foreign currencies in US banks?
  - RestlessMind 3y ago
    I don't know. Never had to. Why do you ask?

kyrra 3y ago

For this unaware, see this article: https://www.wsj.com/articles/the-land-of-the-free-wont-leave-me-alone-irs-facta-france-tax-compliance-d1005893 https://www.wsj.com/articles/the-land-of-the-free-wont-leave... (mirror: https://archive.is/XbbJS https://archive.is/XbbJS)

beefield 3y ago

You seem to imply EU regulators do not require european banks to "comply with basic financial corruption protections". Any source to that? What comes to european banks not wanting to do anything with US related entities, my understanding is that the primary reason is the non-trivial amount of red tape and legal risks associated with US entities weighted against relatively small amoumt of pontential customers.

mardifoufs 3y ago
>my understanding is that the primary reason is the non-trivial amount of red tape and legal risks associated with US entities That's also the reason why some corporations don't bother with GPDR!
RestlessMind 3y ago
> non-trivial amount of red tape and legal risks It seems you are also describing GDPR