Nosy banks
in Banking, Insurance & Loans ·
Banks have justified this massive data collection by pointing to anti-money laundering and counter-terrorism regulations—specifically the U.S. FATCA requirements. It is telling that, much like the FTC’s own recommendations suggest, the specific data being requested varies wildly from one bank to another. The actual regulations used to trigger these procedures clearly define the necessary dataset: full name, residential address, date of birth, place of birth, Social Security number, and the type, number, and issuing authority of the ID provided.
As for FATCA (the Foreign Account Tax Compliance Act), it is a regulation designed to prevent tax evasion by American taxpayers—something that has virtually nothing to do with the vast majority of Americans. According to the IRS website, under this mandate, American banks are required to report the financial activities of U.S. taxpayers. In reality, the only thing a bank actually needs to determine under FATCA is whether a client qualifies as a U.S. taxpayer or not.
http://www.nytimes.com/news/examples/fines/6588804/
As for FATCA (the Foreign Account Tax Compliance Act), it is a regulation designed to prevent tax evasion by American taxpayers—something that has virtually nothing to do with the vast majority of Americans. According to the IRS website, under this mandate, American banks are required to report the financial activities of U.S. taxpayers. In reality, the only thing a bank actually needs to determine under FATCA is whether a client qualifies as a U.S. taxpayer or not.
http://www.nytimes.com/news/examples/fines/6588804/