How come Bank of America Asking Customers About Their Citizenship?

How come Bank of America Asking Customers About Their Citizenship?

Lenders discriminate against immigrants—and frequently, it is perfectly appropriate.

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The reports began trickling in to online discussion boards and regional news, starting in 2017. From Reddit to your Kansas City celebrity, Washington to nyc, the tales all followed roughly the exact same pattern: Bank of America delivered an individual a notice demanding details about their citizenship—and should they declined to resolve, their reports had been immediately frozen.

This tale had been produced with support through the Economic Hardship Reporting Project.

Bank of America explained it was needed to ask the concern to comply with Treasury laws. It is true that US finance institutions must monitor their makes up about indications of cash laundering, and adhere to work of Foreign Assets Control’s economic sanctions on a few nations, including Iran, Cuba, and Syria. Under a law that is separate international banking institutions must gather citizenship information from Us citizens, basically to be able to locate prospective tax-dodgers. (بیشتر…)