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How come Bank of America Asking Customers About Their Citizenship?

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

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The reports began trickling in to online discussion boards and neighborhood news, beginning in 2017. The stories all followed roughly the same pattern: Bank of America sent a customer a notice demanding details about their citizenship—and if they refused to answer, their accounts were promptly frozen from Reddit to The Kansas City Star, Washington to New York.

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

Bank of America explained it was expected to ask the concern to conform to Treasury laws. It is true that US finance institutions must monitor their makes up about signs and symptoms of cash laundering, and adhere to work of Foreign Assets Control’s financial sanctions on a few nations, including Iran, Cuba, and Syria. Under a law that is separate international banking institutions must gather citizenship information from People in america, basically to be able to find possible tax-dodgers.

But domestically, they’re not needed to gather consumer citizenship information. In reality, Social safety figures aren’t also expected to open a free account. Soon after Donald Trump’s election, in December 2016, a senior counsel for the United states Bankers Association said that “banks don’t track whether or otherwise not some one is legitimately into the U.S. Continue reading