US banks freezing/blocking accounts without notice.

[Commodus]

"Truist Bank has announced the closure of your bank account."

My accountant is having a field day with clients that are getting there US bank accounts closed. (This only applies to foreigner owned US companies)

The CTA, a component of the Anti-Money Laundering Act of 2020, was enacted to prevent money laundering, terrorist financing, and other illicit activities. By increasing the information reported on business entities, the CTA aims to prevent the exploitation of U.S. corporations and LLCs for criminal gain and assist law enforcement in detecting criminal activity. The CTA takes effect on January 1, 2024. At the start of the new year, all applicable entities will have a limited timeframe to file information with the Financial Crimes Enforcement Network (“FinCEN”), a division of the U.S. Department of the Treasury.

The reason why they are closing the foreigner bank accounts is not sure yet. My accountant thinks its because the banks need to report the personal info of the bank account owner to the US on Jan 1. But if this account is made by a manager for the foreigner it is quite complicated for them so they rather close the account.

As i'm in this situation myself i will be spreading everything over a couple EMI's, altough i don't like to, i feel there is no other option for now.

If you have a foreigner owned US company please consult your bank asap as they don't always notify you before closure.

Has anyone encountered something similar?

 

[wellington]

UK have been de-banking resident citizens for the past year.

Sometimes due to the compliance costs against revenues is too high.
Other-times simply because the person is right of extreme left politically on social media.

*Note the UK is no longer a rule and law democracy, but a authoritarian extreme leftist country, see Russel Brand leaked docs being judged and Gov push to bankrupt him before he's even been charged or trialed.

 

[Alexmorgan]

Use banks like Chase , Wells fargo and BOA closing accounts same way like EMI do

Guess what

You will have monkeys in some of them

Some times you find a great EMI but bad Banking partner that affect this EMI operations

Clearly saying : its AI who is triggering the red flags and seems all EMI and Banks using this AI same way

Know how to machine learn their AI to not bother you

 

[jafo]

The reason why they are closing the foreigner bank accounts is not sure yet.

In a deposition, through discovery, this will easily be disclosed. I suggest all affected, save some cash for a class action.

 

[JackAlabama]

"Truist Bank has announced the closure of your bank account."

My accountant is having a field day with clients that are getting there US bank accounts closed. (This only applies to foreigner owned US companies)

The CTA, a component of the Anti-Money Laundering Act of 2020, was enacted to prevent money laundering, terrorist financing, and other illicit activities. By increasing the information reported on business entities, the CTA aims to prevent the exploitation of U.S. corporations and LLCs for criminal gain and assist law enforcement in detecting criminal activity. The CTA takes effect on January 1, 2024. At the start of the new year, all applicable entities will have a limited timeframe to file information with the Financial Crimes Enforcement Network (“FinCEN”), a division of the U.S. Department of the Treasury.

The reason why they are closing the foreigner bank accounts is not sure yet. My accountant thinks its because the banks need to report the personal info of the bank account owner to the US on Jan 1. But if this account is made by a manager for the foreigner it is quite complicated for them so they rather close the account.

As i'm in this situation myself i will be spreading everything over a couple EMI's, altough i don't like to, i feel there is no other option for now.

If you have a foreigner owned US company please consult your bank asap as they don't always notify you before closure.

Has anyone encountered something similar?

everything still running smoothly, all emis tho...