Banks Drop Embassies Over Legal Hurdles
Banks have forced embassies out of their customer base for years but the effects of the Partiot Act, enhanced OFAC enforcement and Know Your Customer rules are turning up the heat on embassies. Even the Wall Street Journal goes into detailed reporting on the issue.
The State Department is providing new guidance to embassies, the paper reports in a comprehensive analysis Banks Exit From Embassy Business
-- Moves By Largest Lenders Could Strain Relations Between U.S. Government and Other Countries on November 20, 2010. -- Clemens Kochinke, partner, Berliner, Corcoran & Rowe, LLP, Washington, DC.
Disclosure: The author's firm has assisted affected foreign entities and financial institutions in such matters.
Sat, / Embassy Law Link