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 forums and news that is local beginning in 2017. From Reddit into the Kansas City celebrity, Washington to ny, the tales all followed roughly equivalent pattern: Bank of America delivered a client a notice demanding details about their citizenship—and when they declined to resolve, their reports had been immediately frozen.

This story ended up being produced with help through the Economic Hardship Reporting venture.

Bank of America explained it was needed to ask the relevant concern to conform to Treasury laws. It is true that American finance institutions must monitor their makes up indications of money laundering, and comply with any office of Foreign Assets Control’s financial sanctions on a few nations, including Iran, Cuba, and Syria. Continue reading